Auto loan calculator
Monthly car payment from price, down payment, rate and term.
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How it's calculated
The amount financed is the price less your trade-in, with sales tax added, less the down payment, plus fees. The payment uses the standard loan formula: amount financed times the monthly rate, divided by one minus (1 + monthly rate) to the power of minus the number of months. Total interest is all the payments less the amount financed.
Should I take a longer term for a lower payment?
A 72- or 84-month loan lowers the payment but raises total interest and keeps you owing more than the car is worth for longer. Compare the "Total interest" figure between 48, 60 and 72 months before deciding.
Is sales tax charged on the full price?
Most states tax the price after the trade-in is deducted, which is how this tool works. A few tax the full price, and rebates are sometimes taxable. Check your state.
What about 0% financing versus a rebate?
Run the tool twice: once at 0% on the full price, once at the normal rate with the rebate taken off the price. The lower "Total cost of the car" wins.
Results are estimates for informational purposes only and are not financial, medical or legal advice.