Car Loan Calculator | Payment & Total Cost

Quick Start Guide

  1. Enter Car Price: Input the total purchase price of the vehicle.
  2. Enter Down Payment: Input your down payment as a percentage or fixed dollar amount.
  3. Add Trade-In Value: Optionally enter the trade-in value of your current vehicle.
  4. Enter Interest Rate: Input the annual interest rate (APR) for your auto loan.
  5. Choose Loan Term: Select the loan term (typically 36, 48, 60, or 72 months).
  6. View Payment Details: See monthly payment, total interest, and full amortization schedule.

Understanding Car Loan Payments

What actually gets financed

The amount you finance is the car price minus your down payment and trade-in equity, plus any fees you roll into the loan. Trade-in equity can be negative — if you owe more on your current vehicle than it is worth, that deficit gets added to the new loan instead of subtracted.

Why shorter terms usually win

A 72-month loan has a lower monthly payment than a 48-month loan for the same car, but you pay substantially more total interest because the balance stays higher for longer. Compare total interest, not just the monthly payment, before choosing a term.

Simple vs. Schedule mode

Simple mode is the fastest path to a monthly payment. Schedule mode adds trade-in and fees to show the full effective loan amount, plus a month-by-month amortization so you can see the principal/interest split and running balance over the life of the loan.

Sales tax is not automatic

This calculator does not calculate sales tax for you, since rates vary by state and sometimes by whether a trade-in reduces the taxable amount. Add your expected sales tax to the fees field so it is rolled into the financed amount.

What this calculator does not cover

This models a standard fixed-rate auto loan. It does not model dealer add-ons like extended warranties or gap insurance, lease-versus-buy comparisons, or promotional 0%-APR terms that expire after an introductory period — enter a flat rate for the loan's full term instead.

Features

Down Payment Options: Enter fixed amount or percentage.

Trade-in Value: Account for your current vehicle's value.

Amortization Schedule: View detailed breakdown of principal vs. interest.

Detailed Fees: Include taxes and fees in the total loan.

Common Use Cases

Purchase Planning: enter loan amount, APR, and term to see monthly payment and total interest, factoring in down payment and trade-in to reduce loan amount.

Loan Comparison: compare different APRs and terms (e.g. 36 vs 60 months) and see how rate and term affect total cost.

Trade-In Value: enter trade-in value to lower the financed amount and see updated payoff and interest with trade-in.

Budget Planning: set a max monthly payment to see an affordable loan amount, and export or copy results for dealer discussions.

Frequently Asked Questions

A common recommendation is 20% for new cars and 10% for used. A larger down payment lowers monthly payments, reduces total interest, and helps you avoid being "underwater" (owing more than the car is worth).
Often yes. Longer terms (72 or 84 months) usually carry higher interest rates than shorter terms (36 or 48 months), and the extended period means significantly more total interest paid even if the monthly payment feels manageable.
Trade-in value directly reduces the amount you need to finance. Dealer fees (documentation, processing, registration) are typically added to the financed amount. Enter both in this calculator to see their net effect on monthly payment and total loan cost.
Compare both. Dealers sometimes offer promotional rates (0% APR for qualified buyers) that beat banks. But dealers may also mark up the rate above what lenders offer them. Get pre-approved by your bank first — it gives you a benchmark and negotiating power at the dealership.
Enter the car price, down payment (percentage or fixed amount), interest rate (APR), and loan term (years or months). The calculator automatically calculates your monthly payment using the standard amortization formula. Trade-in value and fees are also factored in.
Use percentage if you know what percentage of the car price you want to put down (e.g., 20%). Use fixed amount if you have a specific dollar amount (e.g., $5,000). Both methods give the same result - choose whichever is easier for your situation.
Trade-in value reduces your loan amount, which lowers your monthly payment and total interest. For example, a $30,000 car with a $5,000 trade-in means you only finance $25,000. Enter your trade-in value to see its impact on your loan.
The amortization schedule shows month-by-month how your loan payments are split between principal (the amount borrowed) and interest (the cost of borrowing). Early payments are mostly interest; later payments are mostly principal. This helps you understand your loan structure.
Reduce monthly payments by: 1) Increasing down payment, 2) Extending loan term, 3) Getting a lower interest rate, 4) Including trade-in value, or 5) A combination. Use the calculator to see how each change affects your payment.

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