Auto Loan Calculator
Calculate your monthly car payment, total cost, and interest paid. Compare different loan terms and see your full amortization schedule for any vehicle loan.
How It Works
Enter the vehicle price, down payment, trade-in value, interest rate, and loan term to see your monthly car payment, total interest, and total cost of the vehicle. Compare monthly payments and total interest across common loan terms (24 to 84 months) side by side.
Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where: M = monthly payment | P = loan amount (vehicle price minus down payment minus trade-in value) | r = monthly interest rate (annual rate ÷ 12 ÷ 100) | n = loan term in months.
Worked Example
Financing a $32,000 vehicle with a $5,000 down payment
- Vehicle price: $32,000
- Down payment: $5,000, Trade-in: $0
- Loan amount (P): $27,000
- Interest rate: 6.5% APR → monthly rate r ≈ 0.00542
- Term: 60 months
- Monthly payment ≈ $528
- Total interest over 60 months ≈ $4,700; total cost of vehicle ≈ $36,700
Common Mistakes
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Focusing only on the monthly payment
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A dealer can lower your monthly payment by extending the term, but that often increases the total interest you pay. Always compare total interest across terms, not just the monthly figure.
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Rolling negative equity from a trade-in into the new loan
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If you owe more on your trade-in than it's worth, that negative equity gets added to your new loan amount, increasing your payment and total interest on the new vehicle.
Frequently Asked Questions
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DisclaimerThe results provided by this calculator are estimates and for informational purposes only. They do not constitute financial, legal, or professional advice. Please consult with a qualified professional for your specific needs.