Auto Loan Calculator
Estimate your monthly car payment with tax, down payment, trade-in and term.
How the car payment is calculated
Loan amount = price × (1 + sales tax ÷ 100) − down payment − trade-in. Monthly payment = L × r ÷ (1 − (1 + r)−n), where L is the loan amount, r is the monthly rate (APR ÷ 12) and n is the number of months. Some states reduce the taxable price by your trade-in, so check your local rules or enter 0% tax if you are unsure.
Worked example
A $30,000 car with 7% sales tax is $32,100. With $3,000 down, you borrow $29,100 at 7% APR.
- 48 months: $696.84 a month, about $4,348 in interest.
- 60 months: $576.21 a month, about $5,473 in interest.
- 72 months: $496.13 a month, about $6,621 in interest.
A longer term lowers the monthly payment but raises the total interest. At 4% instead of 7% over 60 months, the payment drops to $535.92 and interest to about $3,055.
Frequently asked questions
Does this include insurance, registration or fees?
No. Insurance, registration, title and dealer fees are not included. Ask the dealer for the out-the-door price and enter it as the vehicle price.
How much should I put down on a car?
A larger down payment lowers the amount you borrow, the monthly payment and the total interest. Many buyers aim for a meaningful down payment so they do not owe more than the car is worth.
Is a longer loan term a good idea?
Longer terms reduce the monthly payment but cost more in interest, and you may owe more than the car is worth for longer. Compare terms in the calculator before you decide.
What is the difference between interest rate and APR?
APR includes some lender fees on top of the interest rate. For the closest estimate, enter the APR from your loan quote.
Results are estimates for general information, not a loan offer or financial advice.