Monthly Pay
$0/mo
Amortization Schedule
| Year | Interest | Principal | Ending Balance |
|---|
Balance vs. Payment Over Time
Balance = remaining loan balance · Interest = cumulative interest paid · Payment = cumulative amount paid.
What is an auto loan calculator?
An Auto Loan Calculator estimates your monthly car payment and the full cost of financing a new or used vehicle. It includes the things that change what you actually borrow: cash incentives, down payment, trade-in value and any amount still owed on it, sales tax and title and registration fees. It can also work backwards from the monthly payment you want to the car price you can afford.
How the Auto Loan Calculator Works
How to use it
- Choose Total Price to find your payment, or Monthly Payment to find the price you can afford.
- Enter the auto price (or your desired monthly payment), the loan term in months and the interest rate.
- Enter any cash incentives, your down payment, trade-in value and the amount you still owe on the trade-in.
- Enter your state’s sales tax rate and title, registration and other fees, and choose whether to include them in the loan.
- Click Calculate to see the monthly payment, loan amount, total interest, total cost, an amortization schedule and a chart.
Formula
Amount financed = Price − Incentives − Down payment − Trade-in value + Amount owed on trade-in (+ tax and fees if included). The payment is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly rate and n is the number of months.
Example
Financing $30,000 at 7% for 60 months gives a payment of about $594.04 a month. Over the loan you would pay about $5,642 in interest. Stretching to 72 months lowers the payment to about $511.47 but raises total interest to about $6,826.
Tips before you finance a car
- Get preapproved by a bank or credit union so you can compare with the dealer’s offer.
- Negotiate the price of the car first, then the financing.
- A shorter term costs more each month but much less in interest.
- Check whether a manufacturer offers a choice between cash back and low-rate financing; the Cash Back or Low Interest Calculator compares them.
Frequently Asked Questions
An Auto Loan Calculator is a free online tool that estimates your monthly car loan payment, total interest, and total repayment based on your loan amount, interest rate, and loan term.
At 7% for 60 months it is about $594.04 a month, with about $5,642 in total interest. At 5% it would be about $566.14.
Yes. It generates a detailed monthly amortization schedule along with a payment chart to help you track your loan balance over time.
You can lower your payment by making a larger down payment, choosing a lower interest rate, or extending the loan term. However, longer loan terms may increase the total interest paid.
The calculator uses the standard loan formula, so with the same price, rate, term, tax and fees the payment will match a lender’s figure. Your actual offer depends on your credit and the lender’s terms.
Disclaimer: This calculator gives estimates for general information only. It is not financial, tax or legal advice. Results depend on the numbers you enter and on simplified assumptions, so your actual figures may differ. Check important decisions with a qualified professional or the official source.
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