Car loan calculator
See your monthly car payment, the total interest and how the loan is paid down year by year.
Example numbers are filled in. Change them to yours: the result updates as you type.
Your car payment
– a month for 60 months
- Amount financed–
- Total interest–
- Sales tax–
- Total cost (incl. down payment and trade-in)–
Same loan, other terms
| Term | Monthly payment | Total interest |
|---|
Payment schedule by year
| Year | Principal paid | Interest paid | Balance left |
|---|
Rounded to whole dollars. Your lender's figures can differ by a few dollars because of rounding and the date of the first payment.
Before you sign
- Get a loan offer from your bank or credit union first, then compare it with the dealer's.
- Compare offers by APR and total cost, not by the monthly payment alone.
- Check the car's VIN first: a free VIN check shows the specs and open safety recalls.
Car loan questions
How is the monthly car payment worked out?
We use the standard loan formula: the amount you borrow, the APR divided into 12 monthly rates, and the number of months. The amount you borrow is the price, minus your down payment and trade-in, plus sales tax and fees if you add them.
Is sales tax charged on the price minus my trade-in?
In many states sales tax is charged on the price after the trade-in value is taken off, and the calculator works that way. Some states tax the full price. Check the rule with your state's tax or DMV office or with the dealer.
Is a longer loan better?
A longer term lowers the monthly payment but you pay more interest in total, and you can owe more than the car is worth for longer. The table "Same loan, other terms" shows the difference.
What APR should I enter?
Use the rate from your loan offer or pre-approval. Rates depend on your credit, the lender, the loan term and whether the car is new or used.
Does the result include insurance and registration?
No. This is the loan only. For the full cost of a car over the years, use the cost of ownership calculator.