Auto Loan Calculator
Estimate your monthly car payment based on the vehicle price, sales tax, trade-in value, down payment and loan terms. The calculator reports the amount financed, monthly payment, total interest and total cost of the loan.
Enter vehicle and loan details
Enter vehicle details and press Calculate payment.
How the amount financed is calculated
Amount financed = (price × (1 + tax/100)) − down payment − trade-in value + amount owed
Monthly payment is then calculated using the standard amortized loan formula: M = P · [ r(1+r)^n ] / [ (1+r)^n − 1 ]
Where r is the monthly rate (annual ÷ 12 ÷ 100) and n is the number of monthly payments.
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Frequently asked questions
The negative equity (the difference between what you owe and the trade-in value) is rolled into the new loan. In this calculator, enter the amount still owed in the "Amount still owed" field — the loan amount financed will increase accordingly, and so will the monthly payment.
A longer term lowers the monthly payment, but you pay more total interest and stay "underwater" (owing more than the car is worth) for longer. 48–60 months is a common compromise. If you plan to keep the car for many years and value lower monthly costs, 72 months may work — but budget the extra interest.