Estimate your monthly car payment, total interest, total loan cost, and auto loan amortization schedule.
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Car Loan Calculator — Estimate your monthly car payment, total interest, total loan cost, and remaining auto loan balance. Enter the vehicle price, down payment, trade-in value, interest rate, loan term, taxes, and fees to calculate an estimated car payment.
A car loan calculator estimates how much you may pay each month when financing a vehicle. The calculation is based on the amount financed, interest rate, and repayment term.
Our auto loan calculator also lets you account for factors that can affect the amount you finance, including a down payment, trade-in value, sales tax, and additional fees.
By changing these numbers, you can compare different vehicle prices and financing scenarios before deciding how much you may want to borrow.
To calculate an estimated car payment, enter the information that applies to the vehicle and financing option you are considering.
A car payment is determined by the amount financed, the interest rate, and the repayment period. The vehicle's purchase price is only one part of the calculation.
For example, two vehicles with different prices may have similar monthly payments if the buyer uses different down payments or loan terms.
That is why it is useful to look at the complete financing picture rather than focusing only on the advertised monthly payment.
The amount financed is the amount of money used to finance the vehicle after applicable adjustments such as a down payment and trade-in value, plus costs that are included in the financing.
In a simplified example, if a vehicle costs $35,000 and you make a $5,000 down payment, the starting amount financed is $30,000 before considering taxes, fees, trade-in value, or other financing adjustments.
The exact amount financed on an actual auto loan depends on the purchase agreement and lender terms.
A down payment reduces the amount you need to finance. This can reduce the monthly payment and the amount of interest that accrues over the life of the loan, assuming the interest rate and other terms remain the same.
Our car loan calculator allows you to change the down payment so you can compare different scenarios.
For example, you can calculate the estimated payment with a $2,000 down payment and then compare it with a $5,000 or $10,000 down payment.
A vehicle trade-in can affect the amount you need to finance. If the trade-in value is applied toward the purchase, it can reduce the amount financed.
When estimating a trade-in, remember that the actual amount offered by a dealer may differ from an estimated vehicle value. Any remaining balance on an existing auto loan can also affect the transaction.
Taxes and fees can increase the total amount needed to purchase a vehicle. If these costs are included in the financing, they can increase the amount financed and therefore affect the payment and total interest.
This calculator allows you to enter an estimated sales tax percentage and additional fees so you can build a more complete financing estimate.
Actual taxes and fees depend on the vehicle, location, transaction, and applicable rules. Check the purchase agreement for the final amounts.
For a standard fixed-rate auto loan with monthly payments, the payment can be estimated using the following formula:
The monthly interest rate is calculated from the annual interest rate. When the interest rate is 0%, the amount financed is divided by the number of payments.
Suppose you are considering a vehicle priced at $35,000. You make a $5,000 down payment, finance the remaining amount, and evaluate a 7% annual interest rate over 60 months.
The calculator can estimate the monthly principal-and-interest payment, total interest, total loan payments, and remaining balance throughout the repayment period.
You can then change the down payment, interest rate, or loan term to see how each variable changes the estimated financing cost.
The loan term determines how many payments are used to repay the amount financed.
A longer term generally spreads the balance across more payments, which can reduce the required monthly payment. However, interest may accrue over a longer period, potentially increasing the total interest paid.
A shorter term generally results in larger payments but may reduce the amount of interest paid over the life of the loan.
Comparing several terms can help you understand the trade-off between monthly affordability and total financing cost.
The interest rate affects the cost of borrowing. When the loan amount and term remain the same, a higher interest rate generally results in a higher payment and more total interest.
Your actual auto loan rate can depend on factors determined by the lender, which may include credit history, loan amount, vehicle characteristics, loan term, and other underwriting criteria.
Knowing the monthly payment is only part of understanding an auto loan. The total interest can show how much the financing itself may cost over the repayment period.
Our car loan calculator estimates total interest based on the amount financed, interest rate, and loan term.
Comparing total interest between different loan terms can reveal why a lower monthly payment does not necessarily mean a lower overall financing cost.
An auto loan amortization schedule shows how the balance changes with each payment.
Each payment generally consists of principal and interest. The interest portion is calculated based on the outstanding balance, while the principal portion reduces the amount still owed.
As the balance declines, the interest amount generally declines as well, assuming the loan has a fixed rate and standard amortization structure.
Our calculator provides an estimated amortization schedule so you can see the payment breakdown throughout the life of the loan.
A car loan calculator can help you understand the financing side of a vehicle purchase, but affordability involves more than the loan payment.
When evaluating a vehicle, consider the complete cost of ownership, including insurance, fuel, maintenance, registration, taxes, financing costs, and other recurring expenses.
You can use the calculator to compare different vehicle prices and loan terms, then evaluate those estimates against your overall budget.
A lower monthly payment can make a loan easier to fit into a monthly budget, but it does not necessarily mean that the loan costs less overall.
For example, extending the repayment term can lower the monthly payment while increasing the amount of time interest is charged.
When comparing auto loans, look at the monthly payment, interest rate, total interest, total amount paid, and repayment period together.
Financing terms can differ between new and used vehicles. Interest rates, loan terms, vehicle values, lender requirements, and other conditions may vary depending on the vehicle and lender.
Because of these differences, it can be useful to calculate several scenarios rather than assuming that the same financing terms will apply to every vehicle.
This calculator provides an estimate and does not determine your actual loan offer.
Actual auto loan costs may differ because lenders can use different interest rates, fees, loan terms, taxes, vehicle requirements, credit criteria, and underwriting rules.
The calculator also does not determine whether you qualify for financing or guarantee a specific interest rate or monthly payment.
A car loan calculator is a financial tool that estimates the payment and total financing cost of an auto loan based on the amount financed, interest rate, and repayment term.
Your car payment can be estimated using the amount financed, interest rate, and number of payments. Taxes, fees, down payment, and trade-in value can also affect the amount financed.
The payment on a $30,000 vehicle depends on the down payment, interest rate, loan term, taxes, fees, and other financing details. Enter your numbers into the calculator to compare different scenarios.
There is no single down payment amount that applies to every buyer. A larger down payment can reduce the amount financed, while the appropriate amount depends on your budget, financing terms, vehicle price, and financial circumstances.
Generally, yes. If the interest rate and loan term remain unchanged, a larger down payment reduces the amount financed and can therefore reduce the payment.
A trade-in can reduce the amount that needs to be financed when its value is applied toward the vehicle purchase. The exact effect depends on the transaction and whether there is an outstanding balance on the trade-in.
A longer loan term can produce a lower monthly payment, but it can also result in more total interest because the balance remains outstanding for a longer period. Compare both the payment and total financing cost.
Total interest depends on the amount financed, interest rate, and repayment period. The calculator estimates the total interest for the scenario you enter.
Yes. You can use an auto loan calculator before visiting a dealer or applying for financing to compare vehicle prices, down payments, loan terms, and interest rates.
Yes. You can enter an estimated sales tax rate and additional fees. Actual taxes and fees depend on the transaction and applicable requirements.
No. The result is an estimate. Your actual payment depends on the final vehicle price, financing terms, interest rate, taxes, fees, lender requirements, and other details of the transaction.
Use the calculator above to compare different vehicle prices, down payments, trade-in values, interest rates, and loan terms. Testing multiple scenarios can help you understand how each change affects your estimated monthly payment and total financing cost.
Disclaimer: This car loan calculator is provided for informational and educational purposes only. Results are estimates and should not be considered financial, lending, legal, or tax advice. Actual vehicle financing terms, payments, rates, taxes, fees, and eligibility requirements vary by lender, borrower, vehicle, and transaction.