Does this include taxes, fees, or insurance?

No. It covers principal and interest only. If sales tax, title, registration or dealer fees are rolled into the loan, add them to the vehicle price. Count a trade-in like extra down payment. Insurance is paid separately and is never part of this payment.

What interest rate should I use?

Use the APR from your loan offer or pre-approval, not an advertised average. Rates depend on your credit score, the term, the lender and whether the car is new or used. The calculator accepts any rate from 0%, so you can also check a 0% dealer offer.

What loan term should I choose?

Shorter terms (36–48 months) mean higher monthly payments but significantly less total interest. Longer terms (60–84 months) lower monthly payments but cost more overall.

Is a zero down payment ever a good idea?

It can work if you need to preserve cash, but you'll pay more interest and risk being "underwater" (owing more than the car is worth) early in the loan.

How do extra payments affect my auto loan?

Any amount paid above the scheduled payment goes straight to principal, which lowers the balance interest is charged on. Even an extra $50 a month shortens the term and cuts total interest — on a $25,000, 60-month loan at 7% it can save several hundred dollars and pay the car off months early.

How do I include sales tax and a trade-in?

Most states tax the price after the trade-in credit, while a few tax the full price. Example: a $32,000 car, a $4,000 trade-in, 7% tax and $500 in fees gives ($32,000 − $4,000) × 1.07 + $500 = $30,460. Enter $30,460 as the vehicle price and your $3,000 cash down payment. At 6% for 60 months the $27,460 loan costs $530.88 a month.

How much car can I afford for $500 a month?

Turn the formula around: loan = payment × ((1 + r)^n − 1) ÷ (r(1 + r)^n). At 6% APR, $500 a month covers a loan of about $25,863 over 60 months or $30,170 over 72 months, before your down payment. This calculator does not solve backward, so try a few prices until the monthly payment fits.

Can I use it for a used car or a refinance?

Yes. The payment formula is the same for new cars, used cars and refinances. For a refinance, enter your remaining balance as the vehicle price, a $0 down payment, and the new APR and term. On a $25,000 balance over 60 months, dropping from 7% to 6% lowers the payment from $495.03 to $483.32 and total interest from $4,701.80 to $3,999.20, a saving of $702.60.

Auto Loan Calculator

Enter vehicle price, down payment, interest rate, and loan term to instantly see your monthly payment, total interest, and total cost.

Your monthly car payment is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the vehicle price minus your down payment, r is the APR ÷ 12 and n is the number of months.

Loan Details

Vehicle Price ($)

Down Payment ($)

Annual Interest Rate (%)

Loan Term (months)

Fill in the details and press Calculate

Quick answer

Your monthly car payment is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the vehicle price minus your down payment, r is the APR ÷ 12 and n is the number of months. Financing $30,000 at 6% APR for 60 months costs $579.98 a month and $4,799.04 in total interest. Sales tax, fees and a trade-in have no separate fields, so build them into the price or down payment first.

Examples

$30,000 at 6%	Monthly	Interest
36 months	$912.66	$2,855.69
48 months	$704.55	$3,818.44
60 months	$579.98	$4,799.04
72 months	$497.19	$5,797.44
84 months	$438.26	$6,813.56

Enter the vehicle price and your down payment.

Summary

The Auto Loan Calculator helps you figure out exactly what a car loan will cost before you sign anything. Enter the vehicle price, your down payment, the annual interest rate, and the loan term in months — and get your monthly payment, total interest paid, and the full cost of the loan broken down clearly.

How it works

Enter the vehicle price and your down payment — the loan principal is the price minus the down payment.
Enter the annual interest rate (APR) and the loan term in months (36, 60, 72, or 84).
The calculator applies the amortization formula M = P × [r(1+r)^n] / [(1+r)^n − 1], where r is the monthly rate (APR ÷ 12) and n is the number of payments.
Read your monthly car payment, total interest (M × n − P), and the total cost of the loan.

Use cases

Compare monthly payments across different loan terms (36 vs 48 vs 60 vs 84 months).
See how a larger down payment reduces your monthly payment and total interest.
Estimate the true cost of a vehicle including financing charges.
Quickly evaluate dealer financing offers against bank or credit union rates.

Frequently Asked Questions

Last updated: 2026-05-23 · Reviewed by Nham Vu