Auto Loan Calculator
Estimate your monthly car payment, total interest, and full payoff schedule — adjust the price, down payment, trade-in, and term and watch the numbers update instantly.
Inputs
Months
Monthly Payment
$594.04
60 months
Amount Financed
$30,000
Total Interest
$5,642
Total Cost
$40,642
price + interest
Interest / Principal
16% / 84%
Cost Breakdown
Smart Insights
Your 14% down (cash + trade-in) is below the recommended 20%. New cars lose value fast, so a small down payment risks going "underwater" — owing more than the car is worth.
Over 60 months you'll pay $5,642 in interest (19% of the amount financed).
7% is a typical auto-loan rate. Getting pre-approved by your own bank first gives you leverage at the dealership.
AI Financial Advisor
Get personalized insights and optimization tips based on your inputs.
Payment Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $594.04 | $419.04 | $175.00 | $29,581 |
| 2 | $594.04 | $421.48 | $172.56 | $29,159 |
| 3 | $594.04 | $423.94 | $170.10 | $28,736 |
| 4 | $594.04 | $426.41 | $167.62 | $28,309 |
| 5 | $594.04 | $428.90 | $165.14 | $27,880 |
| 6 | $594.04 | $431.40 | $162.63 | $27,449 |
| 7 | $594.04 | $433.92 | $160.12 | $27,015 |
| 8 | $594.04 | $436.45 | $157.59 | $26,578 |
| 9 | $594.04 | $438.99 | $155.04 | $26,139 |
| 10 | $594.04 | $441.56 | $152.48 | $25,698 |
| 11 | $594.04 | $444.13 | $149.90 | $25,254 |
| 12 | $594.04 | $446.72 | $147.31 | $24,807 |
How to Use This Calculator
Enter the vehicle price, your down payment and trade-in value, the APR your lender offers, and the loan term. Optionally add your state’s sales tax rate to finance it into the loan. The calculator shows your monthly payment, the amount financed, total interest, and a full month-by-month payment schedule.
Getting the Best Deal
Your APR depends heavily on your credit score, so get pre-approved by your own bank or credit union before visiting the dealership — it gives you a benchmark and real negotiating leverage. Negotiate the vehicle price first, separately from financing and trade-in, so the numbers stay transparent. A larger down payment and a shorter term are the two biggest levers for reducing what you pay.
Frequently Asked Questions
How is a car payment calculated?
The monthly payment uses the standard loan formula M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the amount financed, r is the monthly interest rate (APR ÷ 12), and n is the number of months. The amount financed is the vehicle price plus any financed sales tax, minus your down payment and trade-in.
How much should I put down on a car?
Aim for at least 20% down (cash plus trade-in) on a new car, or 10% on a used one. A larger down payment lowers your monthly payment, reduces total interest, and lowers the risk of being "underwater" — owing more than the car is worth as it depreciates.
What loan term should I choose?
Shorter is cheaper. A 48–60 month loan is usually the sweet spot. Terms of 72 or 84 months lower the monthly payment but you pay much more interest and stay underwater far longer. Only stretch the term if you genuinely cannot afford a shorter one.
Does the calculator include sales tax?
Optionally. If you enter a sales tax rate, the calculator applies it to the price minus your trade-in (many states tax only the difference) and finances it into the loan. Leave it at 0 if you pay tax separately or want the pre-tax figure.
Should I take 0% dealer financing or a rebate?
Compare both. Sometimes taking a cash rebate and financing elsewhere at a low rate beats 0% financing with no rebate. Run the numbers both ways — the total cost, not the headline rate, is what matters.