Estimate your monthly car payment, total interest, and full cost of your auto loan.
Subtract your down payment and trade-in from the vehicle price, add sales tax, then apply the loan formula: payment = principal × [r(1+r)^n] ÷ [(1+r)^n − 1]. Example: a $30,000 car at 6% APR for 60 months = $580/month, $34,799 total.
Enter the vehicle price, your down payment, any trade-in value, local sales tax, the interest rate your lender quoted, and the loan term. The calculator shows your monthly payment, total interest paid, and a year-by-year breakdown of the loan.
Your monthly payment is determined by the loan amount (price minus down payment and trade-in, plus any taxes and fees), the interest rate, and the number of monthly payments. A higher down payment, lower rate, or shorter term all reduce what you pay. This calculator uses the standard amortization formula used by banks and dealerships.
A 60-month (5-year) loan is the most common. Shorter terms (36 or 48 months) mean higher monthly payments but significantly less total interest. Longer terms (72 or 84 months) reduce monthly payments but can cost thousands more in interest, and often leave you owing more than the car is worth in the early years.
Rates depend heavily on your credit score. Buyers with excellent credit (720+) typically see rates of 5-7% on new cars. Good credit (660-719) typically qualifies for 7-10%. Used car loans generally run 1-2% higher than new car rates. Credit unions often offer lower rates than dealership financing, so it's worth comparing before you sign.
A larger down payment reduces the amount you borrow and therefore the total interest you pay. A common guideline is 20% down on a new car. A trade-in works the same way: its value is deducted from the purchase price, reducing your loan principal. Always negotiate the vehicle price and trade-in value separately from your financing terms.