Auto Loan Calculator
Work out a car payment the way dealers do: price, down payment, trade-in and what you still owe on it, rebates, state sales tax and fees, APR and term. See total interest, compare terms and download the amortization schedule.
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How to use Auto Loan Calculator
- 1. Enter the vehicle price, your down payment, and the trade-in value and payoff if you have one.
- 2. Pick your state to fill in the base sales tax rate, then adjust it for local tax and add title, registration and dealer fees.
- 3. Enter the APR from your lender or dealer and choose the loan term, from 24 to 84 months.
- 4. Read the monthly payment, total interest and total cost, compare terms side by side, check the 20/4/10 guideline, and open or download the amortization schedule.
Frequently asked questions
How is a car loan payment calculated?
The payment uses the standard amortization formula M = P × r ÷ (1 − (1 + r)^−n), where P is the amount financed, r is the APR divided by 12 and n is the number of months. For example, $30,000 at 6% APR for 60 months is $579.98 a month, with $4,799 of total interest.
Is sales tax included in my auto loan?
It can be. Many buyers roll sales tax and fees into the loan, which is the default here; untick the option to pay them at signing instead. Rolling them in raises the amount financed and the interest you pay.
Does a trade-in reduce sales tax?
In most states, yes: you pay tax only on the price minus the trade-in value. A few states, including California, tax the full price. Untick “Subtract the trade-in before tax” if your state doesn’t give the credit.
What happens if I owe more on my trade-in than it is worth?
That difference is negative equity. It is added to the new loan, so you borrow more than the car’s price and start out owing more than the car is worth. The calculator shows a warning and includes it in the amount financed.
Is a 72 or 84 month car loan a good idea?
Longer terms lower the monthly payment but cost more total interest and keep you upside down longer. The term comparison table shows the payment and interest for 36 to 84 months so you can see the trade-off in dollars.
What is the 20/4/10 rule for buying a car?
A common guideline: put at least 20% down, finance for no more than 4 years, and keep total car costs, including insurance and fuel, under 10% of your gross monthly income. It is a rule of thumb, not a lending requirement.