Car Loan Calculator
Calculate your monthly car payment, total interest, and total cost including down payment and trade-in.
Monthly Payment
Loan Amount
Sales Tax
Total Interest
Total Cost of Loan
Total Out-of-Pocket Cost
How Car Loan Calculations Work
This calculator determines your monthly auto loan payment using the same formula as any amortizing loan:
M = P[r(1+r)^n] / [(1+r)^n - 1]
The loan amount (P) is calculated as: Vehicle Price + Sales Tax - Down Payment - Trade-in Value.
The total out-of-pocket cost includes the down payment, all monthly payments, and sales tax. Keep in mind that other costs like insurance, registration, maintenance, and fuel are not included in this calculation.
A shorter loan term means higher monthly payments but less total interest paid. A longer term lowers your monthly payment but increases the total amount of interest you pay over the life of the loan.