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FINANCE CALCULATOR
Auto Loan Calculator
Calculate your monthly car loan payment, total interest, and see how down payment and loan term affect your payments.
Calculator
How to Calculate
- 1Enter the car price (total cost of the vehicle)
- 2Enter your down payment amount (if any)
- 3Enter the trade-in value of your current vehicle (if applicable)
- 4Enter the annual interest rate offered by the lender
- 5Enter the loan term in years (typically 3-7 years for auto loans)
- 6Click 'Calculate' to see your monthly payment and total costs
- 7Adjust the down payment or loan term to see how it affects your monthly payment
Calculation Examples
New Car Purchase
Input Values
Car Price: 30,000$
Down Payment: 5,000$
Interest Rate: 5.5%
Loan Term: 5years
Trade-in Value: 0$
Payment Type: annuity
Sales Tax: 0%
Registration Fees: 0$
Extended Warranty: 0$
Gap Insurance: 0$
Calculation Steps
- Car price: $30,000
- Down payment: $5,000
- Trade-in value: $0
- Loan amount: $30,000 - $5,000 = $25,000
- Interest rate: 5.5% APR
- Loan term: 5 years
- Monthly interest rate: 5.5% ÷ 12 = 0.4583% = 0.004583
- Number of payments: 5 years × 12 months = 60 payments
- Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
- Where P = $25,000, r = 0.004583, n = 60
- (1+r)^n = (1.004583)^60 = 1.3156
- M = $25,000 × [0.004583 × 1.3156] / [1.3156 - 1]
- M = $25,000 × 0.006028 / 0.3156 = $477.42
- Monthly payment: $477.42
- Total payment: $477.42 × 60 = $28,645.20
- Total interest: $28,645.20 - $25,000 = $3,645.20
Calculated Results
Calculation not available. Showing fallback result below.
Expected Result
This example shows a typical new car purchase. The monthly payment of $477.42 fits within most budgets, and the total interest of $3,645.20 represents the cost of financing over 5 years. Consider making a larger down payment or choosing a shorter term to reduce total interest.
With Trade-In
Input Values
Car Price: 35,000$
Down Payment: 3,000$
Interest Rate: 4.9%
Loan Term: 6years
Trade-in Value: 8,000$
Payment Type: annuity
Sales Tax: 0%
Registration Fees: 0$
Extended Warranty: 0$
Gap Insurance: 0$
Calculation Steps
- Car price: $35,000
- Down payment: $3,000
- Trade-in value: $8,000
- Loan amount: $35,000 - $3,000 - $8,000 = $24,000
- Interest rate: 4.9% APR
- Loan term: 6 years
- Monthly interest rate: 4.9% ÷ 12 = 0.4083% = 0.004083
- Number of payments: 6 years × 12 months = 72 payments
- Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
- (1+r)^n = (1.004083)^72 = 1.3408
- M = $24,000 × [0.004083 × 1.3408] / [1.3408 - 1]
- M = $24,000 × 0.005473 / 0.3408 = $384.15
- Monthly payment: $384.15
- Total payment: $384.15 × 72 = $27,658.80
- Total interest: $27,658.80 - $24,000 = $3,658.80
- Note: Trade-in reduces loan amount, lowering monthly payment and total interest
Calculated Results
Calculation not available. Showing fallback result below.
Expected Result
Using a trade-in significantly reduces your loan amount. In this example, the $8,000 trade-in brings the loan down to $24,000, resulting in a lower monthly payment of $384.15. This demonstrates how trading in your current vehicle can make a more expensive car more affordable.
Short Term Loan
Input Values
Car Price: 25,000$
Down Payment: 10,000$
Interest Rate: 3.9%
Loan Term: 3years
Trade-in Value: 0$
Payment Type: annuity
Sales Tax: 0%
Registration Fees: 0$
Extended Warranty: 0$
Gap Insurance: 0$
Calculation Steps
- Car price: $25,000
- Down payment: $10,000 (40%)
- Loan amount: $25,000 - $10,000 = $15,000
- Interest rate: 3.9% APR
- Loan term: 3 years
- Monthly interest rate: 3.9% ÷ 12 = 0.325% = 0.00325
- Number of payments: 3 years × 12 months = 36 payments
- Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
- (1+r)^n = (1.00325)^36 = 1.1237
- M = $15,000 × [0.00325 × 1.1237] / [1.1237 - 1]
- M = $15,000 × 0.003652 / 0.1237 = $441.23
- Monthly payment: $441.23
- Total payment: $441.23 × 36 = $15,884.28
- Total interest: $15,884.28 - $15,000 = $884.28
- Note: Shorter term (3 years) means higher monthly payment but much less total interest
Calculated Results
Calculation not available. Showing fallback result below.
Expected Result
A shorter loan term with a larger down payment results in significantly less interest paid. While the monthly payment is higher at $441.23, you'll only pay $884.28 in total interest compared to $3,645.20 in the 5-year example. This strategy saves money if you can afford the higher payment.
With Sales Tax and Fees
Input Values
Car Price: 28,000$
Down Payment: 5,000$
Interest Rate: 6%
Loan Term: 5years
Trade-in Value: 0$
Payment Type: annuity
Sales Tax: 7.5%
Registration Fees: 500$
Extended Warranty: 0$
Gap Insurance: 0$
Calculation Steps
- Car price: $28,000
- Down payment: $5,000
- Sales tax: 7.5% of $28,000 = $2,100
- Registration fees: $500
- Total vehicle cost: $28,000 + $2,100 + $500 = $30,600
- Loan amount: $30,600 - $5,000 = $25,600
- Interest rate: 6.0% APR, Loan term: 5 years
- Monthly interest rate: 6.0% ÷ 12 = 0.5% = 0.005
- Number of payments: 60
- Monthly payment: $494.75
- Total payment: $494.75 × 60 = $29,685.00
- Total interest: $29,685.00 - $25,600 = $4,085.00
- Note: Sales tax and fees increase the loan amount and total cost
Calculated Results
Calculation not available. Showing fallback result below.
Expected Result
Don't forget to include sales tax and registration fees in your calculations. In this example, the 7.5% sales tax ($2,100) and $500 registration fee increase the total financed amount to $25,600, raising both the monthly payment and total interest. Always factor in these costs when budgeting for a car purchase.
Frequently Asked Questions
Find answers to common questions about using this calculator. If you have additional questions, feel free to explore the examples above or contact our support team.
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