Auto Loan Calculator

Estimate your monthly car payment and total loan cost. Free auto loan calculator that accounts for down payment, trade-in, and sales tax.

An auto loan calculator estimates your monthly car payment after accounting for the vehicle price, down payment, trade-in value, interest rate, and loan term. It uses the same amortization formula lenders use, so the numbers match what you will see on a dealer financing sheet. This calculator helps you separate the real cost of the car from the monthly payment — a lower monthly payment stretched over a longer term often means paying thousands more in total interest. Whether you are buying new or used, planning a trade-in, or comparing dealer financing against your credit union, this tool gives you instant side-by-side comparisons. Adjust the down payment to see how much equity you start with, or shorten the loan term to minimize total interest. All calculations are private and run in your browser.

price

loan

Result

586.98

Breakdown

Loan Amount
30,000
Total Interest
5,219

About Auto Loan Calculator

What is auto loan calculator?

An auto loan calculator estimates your monthly car payment after accounting for the vehicle price, down payment, trade-in value, interest rate, and loan term. It uses the same amortization formula lenders use, so the numbers match what you will see on a dealer financing sheet. This calculator helps you separate the real cost of the car from the monthly payment — a lower monthly payment stretched over a longer term often means paying thousands more in total interest. Whether you are buying new or used, planning a trade-in, or comparing dealer financing against your credit union, this tool gives you instant side-by-side comparisons. Adjust the down payment to see how much equity you start with, or shorten the loan term to minimize total interest. All calculations are private and run in your browser.

How to use this calculator

  1. Enter your vehicle price.
  2. Enter your down payment.
  3. Enter your trade-in value.
  4. Enter your interest rate.
  5. Enter your loan term.
  6. Click the "Calculate" button.
  7. View your result instantly — the main result is displayed prominently at the top with a detailed breakdown below it.

When to use this calculator

  • Estimating monthly payments before visiting a dealership
  • Comparing 36-, 48-, 60-, and 72-month loan terms to see total interest differences
  • Factoring in a trade-in vehicle to reduce the financed amount
  • Deciding how much down payment makes the monthly payment affordable
  • Evaluating whether to buy new or used based on total loan cost

How the calculation works

The auto loan calculator first computes the financed amount: vehicle price minus down payment minus trade-in value. It then applies the amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the financed amount, r is the monthly interest rate, and n is the term in months. For example, a $35,000 car with $5,000 down and no trade-in leaves a $30,000 loan. At 6.5% APR over 60 months: r = 0.005417, M = 30,000 × [0.005417 × (1.005417)^60] / [(1.005417)^60 − 1] ≈ $587 per month. Total interest = (M × 60) − $30,000 ≈ $5,220.

Frequently Asked Questions

What is a good interest rate for a car loan?▼
Rates vary by credit score and whether the car is new or used. As of recent years, excellent credit often qualifies for under 6% APR.
Should I put money down on a car?▼
A down payment of at least 20% on a new car reduces monthly payments, total interest, and helps avoid being upside-down on the loan.

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