Debt
Auto loan calculator
Enter the vehicle price, down payment, trade-in and loan terms to see your monthly payment and the full cost of financing the car.
Some inputs need attention. The results below are from your last valid entries.
Assumptions
The table compares terms at your APR, though lenders often charge more for longer terms. Registration, title, dealer fees, insurance and add-ons are not included. Total cost counts price, sales tax and interest.
Remaining loan balance by year
| Term | Monthly payment | Total interest | Total cost |
|---|---|---|---|
| 36 months | $893.89 | $3,230 | $40,180 |
| 48 months | $693.24 | $4,326 | $41,276 |
| 60 months | $573.24 | $5,445 | $42,395 |
| 72 months | $493.57 | $6,587 | $43,537 |
| 84 months | $436.93 | $7,752 | $44,702 |
What goes into a car payment
Your payment depends on the amount financed, the APR and the term. The amount financed is the price plus sales tax, minus your down payment and trade-in. A bigger down payment or trade-in shrinks the loan, so you pay less interest and start with more equity.
Methodology
Sales tax is your rate times the taxable price, which is either the full price or the price minus your trade-in depending on the setting (states differ). The financed amount is price + tax − trade-in − down payment. The payment uses the standard amortization formula PMT = P·r / (1 − (1 + r)^−n) with r as APR ÷ 12, or P ÷ n at 0% APR. Total interest is PMT × n − P. Dealer fees, title and registration charges, insurance and any rolled-in negative equity are not modeled.
Why term length deserves a hard look
Stretching from 60 to 84 months lowers the monthly payment but raises total interest, and cars usually lose value faster than a long loan is repaid. That can leave you owing more than the car is worth. The table compares all five common terms so you can see the trade-off at a glance.
Ways to lower the cost
- Get a pre-approval from a bank or credit union and compare it with dealer financing.
- Negotiate the vehicle price separately from the monthly payment.
- Test extra payments on any fixed-rate loan with our loan payment calculator.
- Make sure the payment fits your overall plan using the budget calculator.
Frequently asked questions
How much should I put down on a car?
There is no single rule, but a larger down payment reduces interest and the risk of owing more than the car is worth. Many buyers aim for a meaningful down payment, such as 10 to 20 percent, if their budget allows. Consider your own finances.
Does the trade-in reduce sales tax?
In some states it does and in others it does not. Use the setting above and confirm the rule with your dealer or state tax office.
Are dealer fees and insurance included?
No. Title, registration, documentation fees, add-ons and insurance are excluded, so your real outlay will likely be higher than shown.
Is a longer loan ever a good idea?
It lowers the payment but raises total interest and lengthens the time you might owe more than the car is worth. Compare terms in the table before choosing.
This calculator is for education and illustration. It does not account for taxes, fees or your personal situation unless stated, and is not financial advice.
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