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Auto Loan Calculator

Figure out your monthly car payment and total interest over the loan term.

Vehicle & Loan

Monthly Payment
$434.59
60 months • $22,000.00 financed
Total Interest
$4,075.35
Sales Tax
$2,030.00
Total Loan Paid
$26,075.35
Total Cost (incl. tax)
$38,105.35

Cost Summary

Amount Financed
$22,000.00
Down + Trade-in
$10,000.00
Interest
$4,075.35
Sales Tax
$2,030.00

Sales tax is computed on the vehicle price minus trade-in value. The total cost includes your down payment, trade-in value, all loan payments and sales tax.

What is the Auto Loan Calculator?

An auto loan calculator is a free online tool that estimates your monthly car payment and total interest based on vehicle price, down payment, trade-in value, APR, and loan term. Use it to compare financing offers from dealers, banks, and credit unions before you walk onto the lot.

Auto Loan Calculator formula

Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the amount financed (vehicle price − down payment − trade-in value, plus any taxes and fees rolled into the loan), r is the monthly interest rate (APR ÷ 12), and n is the loan term in months.

How to use the Auto Loan calculator

  1. 1Enter the vehicle purchase price.
  2. 2Add your down payment and the trade-in value of your current car.
  3. 3Enter the APR (use a pre-approved rate from your bank or credit union).
  4. 4Choose a loan term — typically 36, 48, 60, 72, or 84 months.
  5. 5Review the monthly payment, total interest, and total cost of the loan.

Example calculation

For a $35,000 car with $5,000 down and a $3,000 trade-in at 6.0% APR for 60 months, the amount financed is $27,000. The monthly payment is $521.99, and total interest over 5 years is $4,319.40.

Frequently asked questions

What is a good APR for a car loan?
For borrowers with good credit (700+), new-car APRs typically range from 5% to 7% and used-car APRs from 6% to 9%. Borrowers with excellent credit can sometimes get 0%–4% promotional financing from manufacturers.
Is a 72-month or 84-month car loan a good idea?
Longer terms lower your monthly payment but sharply increase total interest and increase the risk of being 'upside down' on the loan — owing more than the car is worth. Most financial advisors recommend keeping auto loans at 60 months or shorter.
Should I use dealer financing or a bank loan?
Get pre-approved by a bank or credit union first so you know your rate, then ask the dealer to beat it. Dealers sometimes mark up the rate for profit, but manufacturers also offer subsidized 0% or low-APR deals that banks can't match.
How does a trade-in affect my car loan?
Your trade-in reduces the amount you need to finance, lowering your monthly payment and total interest. In most U.S. states, the trade-in value also reduces the sales-tax basis on the new vehicle.

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