Auto Loan Calculator
Estimate your monthly car payment, total interest, amount financed, upfront cost, and complete loan amortization in seconds.
Vehicle & Loan Details
Enter your vehicle and financing information.
Vehicle
Loan Terms
Taxes & Fees
Estimated Monthly Payment
based on the information entered
Your estimate
Actual lender terms may vary.
Loan Term Comparison
See how changing the loan term can affect your payment and total interest.
| Term | Monthly Payment | Total Interest | Total Payments |
|---|
Amortization Schedule
See how each payment is divided between interest and principal.
| Month | Payment | Principal | Interest | Balance |
|---|
What Is an Auto Loan Calculator?
An auto loan calculator helps estimate the cost of financing a vehicle. Instead of looking only at the advertised price of a car, you can include the loan term, interest rate, down payment, trade-in value, taxes, rebates, and fees to get a more complete estimate of your financing costs.
The calculator can show your estimated monthly payment, amount financed, total interest, total loan payments, upfront payment, and total vehicle cost. These numbers can help you understand how different financing choices affect the overall cost of a vehicle.
How Auto Loan Payments Are Calculated
Most installment auto loans use a fixed monthly payment. The payment includes both principal and interest. At the beginning of the loan, a larger portion of each payment generally goes toward interest. As the balance decreases, more of the payment goes toward principal.
In this formula, P represents the amount financed, r is the monthly interest rate, and n is the total number of monthly payments. If the interest rate is zero, the payment is simply the amount financed divided by the number of payments.
What Affects Your Car Payment?
Several factors can change the amount you pay each month. The vehicle price is only one part of the calculation. The interest rate, loan length, down payment, trade-in, taxes, and fees can all affect the final financing amount.
Vehicle Price
A higher vehicle price generally means a larger amount must be financed unless the difference is covered by a larger down payment, trade-in, or rebate.
Interest Rate
The APR affects how much interest accumulates over the life of the loan. A lower rate generally reduces the interest cost for the same loan amount and term.
Loan Term
A longer loan term can reduce the required monthly payment, but it can also result in more interest being paid over the full loan.
Down Payment
A larger down payment reduces the amount that needs to be financed.
Trade-In Value
The value of a vehicle you trade in can reduce the amount required to finance the replacement vehicle. Any remaining loan balance on the trade-in can change the calculation.
Auto Loan Taxes and Fees
The advertised vehicle price may not represent the complete amount you pay. Depending on the purchase and location, a vehicle transaction can include sales tax, registration, title costs, documentation fees, and other charges.
Our calculator allows you to enter sales tax and other fees separately and choose whether those costs should be included in the financed amount or paid upfront.
Down Payment vs. Trade-In
A down payment is money you contribute toward the vehicle purchase. A trade-in is the value credited for a vehicle you give to the dealer. Both can reduce the amount you need to finance.
If the trade-in still has an outstanding loan, the remaining balance also matters. Entering both the trade-in value and amount owed helps produce a more useful financing estimate.
How to Use This Auto Loan Calculator
- Enter the vehicle purchase price.
- Enter your planned down payment.
- Add your trade-in value and remaining trade-in loan, if applicable.
- Enter any available cash rebate or incentive.
- Select your loan term.
- Enter the expected APR.
- Add sales tax and other fees.
- Choose whether taxes and fees are financed.
- Select Calculate Auto Loan to view your results.
Compare Auto Loan Terms Before You Buy
Looking only at the monthly payment can make a longer loan appear more affordable. However, the monthly payment is only one part of the cost. Comparing the total interest and total payments across different loan terms gives you a clearer picture of how financing changes the overall cost.
Auto Loan Calculator for Used and New Cars
The calculator can be used for both new and used vehicles. Enter the purchase price and financing terms that apply to the vehicle you are considering. For a used vehicle, you may also want to account for its condition, taxes, fees, and financing rate when estimating your complete cost.
Important Note About Auto Loan Estimates
This calculator provides an estimate based on the information you enter. Actual financing terms can differ between lenders, dealerships, credit profiles, vehicle types, and individual loan agreements. Always review the lender's final disclosure before accepting an auto loan.
Auto Loan Calculator FAQs
How much will my car payment be?
Your car payment depends on the amount financed, interest rate, and loan term. Enter your vehicle price, down payment, APR, and other costs above to calculate an estimate.
Does a larger down payment reduce my monthly payment?
Generally, yes. A larger down payment reduces the amount financed, which can reduce the required monthly payment when the other loan terms remain the same.
Is a longer auto loan cheaper?
A longer term can lower the monthly payment, but it may increase the total interest paid over the life of the loan. Compare both monthly payment and total interest.
Should I include taxes and fees in my auto loan?
It depends on how you plan to pay them. If your lender finances these costs, include them in the loan. If you pay them separately, leave the option unchecked.
Can I use this calculator for a used car?
Yes. Enter the purchase price and financing terms for the used vehicle you are considering.