How to use the Car Loan Calculator
Fill in the fields above and the result appears straight away. Everything runs in your browser, so nothing you type is uploaded.
The formula
Financed amount = price × (1 + tax) − down payment − trade-in.
Examples
- 28,000 car, 4,000 down, 6.5% for 60 months
Monthly payment: $502.46 Amount financed: $25,680.00 (includes $1,680.00 sales tax) Total interest: $4,467.52 Total cost of the car: $34,147.52
- 35,000 car, 7,000 down, 7.5% for 72 months
Monthly payment: $526.48 Amount financed: $30,450.00 (includes $2,450.00 sales tax) Total interest: $7,456.84 Total cost of the car: $44,906.84
- 18,000 car, 2,000 down, 3,000 trade-in, 5.9% for 48 months
Monthly payment: $334.24 Amount financed: $14,260.00 (includes $1,260.00 sales tax) Total interest: $1,783.67 Total cost of the car: $21,043.67
Limitations and assumptions
Fixed-rate, fully amortizing loan with monthly payments. Lender fees, insurance and taxes are not included unless stated. Your lender's official disclosure takes precedence.
Frequently asked questions
How is a car loan payment calculated?
The financed amount is price × (1 + tax rate) − down payment − trade-in. The monthly payment then follows the standard amortizing loan formula using the monthly interest rate and the number of months.
Does a longer loan term save money?
It lowers the monthly payment but raises the total interest, because you owe the balance for more months. Compare the 60 and 72 month examples above.
Does the calculator include registration and dealer fees?
No. Add fees you plan to roll into the loan to the price, or subtract any you will pay in cash.
What interest rate should I enter?
Use the APR on your offer or pre-approval letter. A credit union or bank quote is a good benchmark before you visit a dealer.