Auto Loan Calculator
Estimate your monthly car payment, total interest, amount financed, upfront cost, and complete loan amortization in seconds.
Vehicle and Loan Details
Enter your vehicle price, trade-in information, loan terms, taxes, and fees.
Vehicle Information
Loan Terms
Taxes and Fees
Estimated Monthly Payment
Based on the information entered
Your estimate
Actual lender terms may vary.
Loan Term Comparison
Compare monthly payments, interest, and total payments across common loan terms.
| Term | Monthly Payment | Total Interest | Total Payments |
|---|
Amortization Schedule
See how each payment is divided between interest and principal.
| Month | Payment | Principal | Interest | Balance |
|---|
Auto Loan Calculator Guide
An auto loan calculator helps you estimate the cost of financing a vehicle before you agree to a loan. Instead of looking only at the advertised vehicle price or monthly payment, you can account for the amount financed, down payment, trade-in value, APR, loan term, taxes, and fees.
NovaBuildr calculates an estimated monthly payment, total interest, total loan payments, upfront payment, and total financing cost. The comparison table also lets you see how different loan terms can change the monthly payment and total interest.
How Auto Loan Payments Work
Most fixed-rate auto loans use regular monthly payments that cover both principal and interest. At the beginning of the loan, the outstanding balance is higher, so the interest portion of each payment is usually larger. As the balance decreases, more of each payment goes toward principal.
In this formula, P represents the amount financed, r is the monthly interest rate, and n is the number of monthly payments. When the interest rate is zero, the amount financed is divided evenly across the selected loan term.
Factors That Affect Your Car Payment
The vehicle price is only one part of an auto loan. The APR, repayment period, down payment, trade-in equity, rebates, taxes, and fees can all change how much you finance and how much you pay over the life of the loan.
Vehicle Price
A higher purchase price generally increases the amount that must be financed unless the difference is covered by a larger down payment, trade-in value, or rebate.
APR
The annual percentage rate affects the cost of borrowing. For the same amount financed and loan term, changing the APR changes both the monthly payment and total interest.
Loan Term
A longer loan term can reduce the required monthly payment, but it can also increase the total interest paid because the balance remains outstanding for a longer period.
Down Payment
A larger down payment reduces the amount you need to finance. That can lower the monthly payment and reduce the interest charged over the life of the loan.
Trade-In Equity
A trade-in can reduce the amount that needs to be financed. If you still owe money on the vehicle, the remaining loan balance can affect the amount carried into the new financing.
Taxes, Fees, and Rebates
Sales tax, registration charges, other fees, and cash incentives can change the amount you pay or finance. The calculator lets you enter these items separately and choose whether taxes and fees are financed.
How to Use This Calculator
- Enter the vehicle purchase price.
- Enter your planned down payment.
- Add the trade-in value and remaining trade-in loan, if applicable.
- Enter any cash rebate or incentive.
- Select the loan term.
- Enter the expected APR.
- Add sales tax and other fees.
- Choose whether taxes and fees are included in the loan.
- Review the payment, total interest, financing cost, term comparison, and amortization schedule.
Shopping for an Auto Loan
When comparing financing offers, look beyond the monthly payment. The Consumer Financial Protection Bureau recommends comparing factors such as APR, interest rate, loan length, amount financed, and monthly payment. Its CFPB auto loan financing resources provide additional information about financing and loan terms.
You can also review the CFPB's CFPB guide for comparing lender auto loan offers before deciding which numbers to compare between lenders.
The Federal Trade Commission also explains the difference between direct lending and dealership financing in its FTC vehicle financing and leasing information . Getting financing terms before visiting a dealer can make it easier to compare the financing portion of a vehicle purchase.
For additional context about APR and important loan disclosures, see the CFPB Truth in Lending details for auto loans . This can help you understand the figures shown in formal loan documents.
Auto Loan Estimate Limitations
This calculator provides an estimate based on the information entered. Actual financing terms can differ between lenders, dealerships, credit profiles, vehicle types, taxes, fees, and individual loan agreements. Review the lender's final disclosures and contract before accepting financing.
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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?
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.