Auto loan calculator
Enter the vehicle price, what you pay up front, the value of a trade-in, the sales tax rate and any fees, then the loan's interest rate and term. You get the monthly payment, the amount actually financed and the interest you will pay over the life of the loan.
Runs in your browser: nothing you enter is sent anywhere.
How to use it
- Enter the vehicle price, your down payment and the trade-in value, if any.
- Enter the sales tax rate, set the toggle to how tax works where you live, and add fees.
- Enter the loan’s annual interest rate and the term in months.
- Read the monthly payment, the amount financed and the interest.
How it works
- Sales tax = taxable amount × rate, where the taxable amount is the price minus the trade-in or the full price, depending on the toggle. Fees are not taxed.
- Amount financed = price + tax + fees − down payment − trade-in.
- Payment = financed × r ÷ (1 − (1 + r)^−n), with r the APR divided by 12 and n the number of months. At 0% it is financed ÷ n.
- Total interest = payment × n − financed.
Worked example
A 30,000 car with 3,000 down, a 5,000 trade-in, 7% tax on the price minus the trade-in (1,750), and 500 of fees: the amount financed is 30,000 + 1,750 + 500 − 3,000 − 5,000 = 24,250. At 6% over 60 months the payment is 468.82, the payments total 28,129.23 and the interest is 3,879.23.
Tips
- Compare total cost, not only the payment. Stretching the term shrinks the payment but adds interest.
- A bigger down payment cuts interest. It reduces the amount you borrow from day one.
- Check the APR, not the headline rate. Fees rolled into the loan raise its true cost.
- Estimates only. Your contract controls the real figures.
Frequently asked questions
How is the monthly car payment calculated?
The amount financed is spread over the term as level payments with interest on the balance, using the rate divided by 12 each month. For 24,250 at 6% over 60 months the payment is 468.82.
What does the tax toggle do?
In some places sales tax is charged on the price minus the trade-in value, in others on the full price. Switch it to match your location; with a 30,000 car, a 5,000 trade-in and 7% tax, the tax is 1,750 or 2,100.
Are fees financed?
This calculator adds fees and tax to the amount borrowed, which is common but not universal. If you pay fees in cash, subtract them from the loan by including them in the down payment instead.
Does a longer term save money?
It lowers the monthly payment but raises the total interest, because you owe money for longer. On 24,250 at 6%, 60 months costs 3,879 in interest; 72 months costs more.
Why might my lender's figure differ?
Lenders may count interest by days, add insurance or add-on products, or round differently. Use the lender's quote for the contract; this is for planning and comparing offers.