Auto Loan Payment Calculator
Calculate your car loan monthly payment, total interest, and total cost from price, down payment, trade-in, APR, and term. Runs in your browser.
Loan summary
- Amount financed
- $30,000.00
- Monthly payment
- $601.14
- Total interest
- $6,068.31
- Total of payments
- $36,068.31
- Total cost (with down)
- $41,068.31
Standard amortization. Excludes sales tax, registration, and dealer fees (often financed too, raising the amount). Longer terms lower the monthly payment but increase total interest. Informational, not a loan offer.
About this tool
Before signing for a car, it helps to see the whole picture, not just the monthly payment a dealer quotes. This calculator amortizes an auto loan: it subtracts your down payment and trade-in from the price to get the amount financed, then applies the standard loan-payment formula using your APR and term to give the monthly payment, the total interest you will pay over the life of the loan, and the total cost. Seeing total interest matters because dealers often stretch the term to shrink the monthly number — a 72- or 84-month loan looks affordable per month but can cost thousands more in interest and leave you underwater (owing more than the car is worth). Compare terms here to find the balance between an affordable payment and minimizing interest. The calculation excludes sales tax, registration, and add-on fees, which are often rolled into the financed amount and raise the real total. It is informational, not a loan offer. Everything runs in your browser.
How to use it
- Enter the vehicle price, your down payment, and any trade-in value.
- Enter the APR and choose the loan term.
- Read the monthly payment and — importantly — the total interest.
- Compare a shorter vs longer term to see the interest trade-off.
Frequently asked questions
- How is the monthly payment calculated?
- With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount financed, r is the monthly rate (APR ÷ 12), and n is the number of months. Each payment covers interest first, then principal.
- Why does a longer term cost more even at the same APR?
- You borrow the money for longer, so interest accrues over more months. A 72-month loan has a lower monthly payment than a 48-month loan but a higher total interest cost — sometimes thousands more.
- Does this include tax and fees?
- No. It computes the loan on the amount financed you enter. Sales tax, title, registration, and dealer fees are often added to the loan, increasing the principal and payment — include them in the price or down-payment figures for a complete picture.
- How much should I put down?
- More down means less financed, a lower payment, less total interest, and less risk of being "underwater." A common guideline is around 20% for a new car, but any extra down payment reduces your interest cost — test different amounts here.
- What APR should I expect?
- It depends heavily on your credit score, the lender, and whether the car is new or used. Get pre-approved by a bank or credit union to know your rate, and use that figure here rather than a dealer's first quote.
- Is this a loan offer?
- No. It is an informational estimate. Your actual terms come from a lender and depend on credit, the vehicle, and current rates.