Auto Loan Calculator
Estimate your monthly car payment, total interest, and total cost from the vehicle price, down payment, interest rate, and loan term.
This calculator provides estimates only and is not financial advice. Consult a qualified financial advisor for personalized guidance.
How to use this calculator
Enter the vehicle price, your down payment, the loan's annual interest rate (APR), and the loan term in months, then click Calculate Payment. The results show your monthly payment, total interest, and total cost. Total cost adds your down payment back in, so it reflects everything you'll pay for the vehicle, principal and interest combined. Sales tax, title, and registration fees are not included.
How is this calculated?
The financed amount (vehicle price minus down payment) is run through the standard loan amortization formula: M = P × r × (1 + r)^n / ((1 + r)^n − 1), where M is the monthly payment, P is the amount financed, r is the monthly interest rate (APR divided by 12), and n is the loan term in months. Total interest is the monthly payment multiplied by the number of months, minus the amount financed.
Frequently Asked Questions
How is my car payment calculated?
Your down payment is subtracted from the vehicle price to get the amount financed, then that amount is run through the standard loan amortization formula using your interest rate and loan term. See the "How is this calculated" section below for the full formula.
What's a good interest rate for a car loan?
Auto loan rates vary a lot based on your credit score, whether the car is new or used, and the lender, so there is no single "good" rate. Getting quotes from a few banks, credit unions, and dealerships within the same short window is the best way to see what rate you actually qualify for.
Should I make a bigger down payment?
A larger down payment reduces the amount you finance, which lowers both your monthly payment and the total interest you pay over the loan. Try entering different down payment amounts above to see the effect on your specific numbers.
Does this calculator include sales tax and fees?
No. This calculator estimates monthly payment, interest, and total cost based on vehicle price, down payment, rate, and term only. Sales tax, title fees, and registration costs are not included and will add to your actual out-of-pocket cost.