directions_car Auto Loan Calculator
Work out your monthly car payment, total interest and the real cost of the loan - including sales tax, fees, your down payment and any trade-in.
Uses the state rate only. Vehicle tax often has its own local add-ons, so confirm with your dealer or DMV.
Most car payment calculators ask for a loan amount, which quietly assumes you already know it. In practice the amount you finance is the sticker price plus sales tax plus title, registration and dealer fees, minus your down payment and any trade-in - and that gap is exactly why the monthly figure at the dealership so often comes as a surprise. This calculator starts from the vehicle price and builds up the real amount financed, then shows the monthly payment, the total interest over the term, and a full month-by-month amortization schedule.
How to use this tool
- Enter the vehicle priceUse the agreed price, not the advertised MSRP, if you have negotiated.
- Add your down payment and trade-inBoth reduce what you borrow. A trade-in may also reduce the taxable price, depending on your state.
- Set the interest rate and termUse the APR you have been quoted. Terms from 24 to 84 months are available.
- Pick your state for sales taxThe state rate is added to the amount financed. Choose "don't add sales tax" if you are paying it separately.
- Add title, registration and dealer feesThese are usually rolled into the loan, and they are the line buyers most often forget.
- Review the scheduleOpen the payment schedule to see how each payment splits between interest and principal over time.
Why use it
- Builds the amount financed from the real components rather than making you calculate it first.
- Handles the trade-in sales tax credit that most states allow, as an option rather than a hidden assumption.
- Shows total interest and total cost of ownership, not just the monthly payment.
- Includes a complete amortization schedule so you can see the interest-to-principal crossover.
- Warns you when interest is an unusually large share of what you are borrowing.
Common uses
- Comparing a 60-month and a 72-month term on the same car.
- Working out how much more down payment is needed to hit a target monthly figure.
- Checking a dealer's quoted payment before signing.
- Deciding whether to take a manufacturer's low-APR offer or a cash rebate.
- Budgeting for the true cost of a car including tax and fees.
Tips for better results
- A longer term lowers the monthly payment but raises total interest, often by thousands. Compare the total, not just the monthly figure.
- Get pre-approved from your own bank or credit union before visiting a dealer. It gives you a rate to beat.
- The APR matters more than the term for total cost. A one-point difference on a $30,000 loan is real money.
- Watch the amortization schedule: early payments are mostly interest, which is why paying extra in the first year has the largest effect.
Mistakes to avoid
- Shopping by monthly payment. It is the easiest number for a dealer to hit by stretching the term, and it hides the total cost.
- Forgetting tax and fees. On a $35,000 car these can add several thousand to what you actually finance.
- Assuming your trade-in reduces the taxable price. Most states allow that credit, but some - California among them - tax the full price regardless.
- Rolling negative equity from an old loan into a new one. It starts you underwater on the new car from day one.
Frequently asked questions
It uses the standard amortization formula: payment = principal x monthly rate / (1 - (1 + monthly rate) ^ -months), where the monthly rate is the APR divided by 12. Each payment covers that month's interest first, and the remainder reduces the balance.
In most states, yes - tax is charged on the price after the trade-in allowance, which can save hundreds. A minority of states, including California, tax the full purchase price regardless. The calculator has a checkbox so you can match your state's rule.
It depends heavily on your credit score, the loan term, and whether the car is new or used. Borrowers with strong credit typically get the lowest advertised rates; used-car and longer-term loans usually carry higher ones. Always compare an offer against a pre-approval from your own bank.
A 72-month term lowers the monthly payment but costs noticeably more interest and keeps you in negative equity longer, since cars depreciate faster than the loan amortizes early on. Enter both terms here and compare the total interest figure before deciding.
A common guideline is 20% on a new car and 10% on a used one. A larger down payment reduces both your monthly payment and your total interest, and it lowers the risk of owing more than the car is worth.
Typically title, registration, documentation or dealer fees, and sales tax. Documentation fees vary widely and are capped by law in some states. Ask for an out-the-door price so nothing appears late in the process.
No. It covers the loan itself - principal, interest, tax and fees. Insurance, fuel, maintenance and registration renewals are ongoing costs you should budget for separately.
Usually yes, and most US auto loans use simple interest, so paying early genuinely reduces the interest you pay. Check your agreement for a prepayment penalty first - they are uncommon but not unknown.
Each month's payment split into interest and principal, and the balance remaining. Early on, most of your payment is interest. The point where principal overtakes interest is a useful thing to see before committing to a long term.
No. Everything is calculated in your browser and nothing is uploaded or stored.
Yes. The maths is identical for any fixed-rate instalment loan. Be aware that vehicle sales tax rules and registration fees differ by vehicle type in many states.
Usually add-ons: extended warranties, gap insurance, paint protection or a higher documentation fee, all rolled into the financed amount. Ask for an itemised breakdown and re-enter the real total here.