Auto Loan Calculator

Monthly car payment, total interest and total cost. Results update as you type.

Vehicle price

Down payment

Trade-in value

Interest rate (annual %)

Loan term (months)

Start date

Monthly payment

$0.00

Cost breakdown

Payoff schedule

How this calculator works

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Results are estimates for education only and are not financial advice. Taxes, title and dealer fees are not included unless you add them to the vehicle price.

Should I take a longer term for a lower payment?

A longer term lowers the monthly payment but raises total interest, and you may owe more than the car is worth for longer. Compare the total cost, not just the monthly number.

Auto loan payment formula

Monthly payment = P × r ÷ (1 − (1 + r)^(−n)). P = vehicle price − down payment − trade-in value, the amount financed. r = annual interest rate ÷ 100 ÷ 12. n = loan term in months.

How the calculation works, step by step

Subtract the down payment and any trade-in value from the vehicle price to get the amount financed.
Convert the annual interest rate to a monthly rate by dividing by 100 and then by 12.
Apply the amortization formula to the amount financed, the monthly rate, and the term in months to get the monthly payment.
Total interest is the monthly payment times the number of months, minus the amount financed. Total cost is the vehicle price plus total interest.

Worked example

A $35,000 car with a $5,000 down payment, no trade-in, a 7.5% annual rate, and a 60-month term gives an amount financed of $30,000. The monthly payment is $601.14, and total interest over the loan is $6,068.31.

Should I use my trade-in as part of the down payment?

A trade-in reduces the amount financed just like a cash down payment, which lowers both the monthly payment and the total interest. Whether to trade in or sell privately depends on the trade-in offer versus a private sale price, and on the time and effort a private sale takes.

Does this calculator include taxes and fees?

No. The result covers principal and interest only. Sales tax, title, registration, and dealer fees are not included unless you add them to the vehicle price first.