Auto Loan Calculator
Calculate your monthly car payment using vehicle price, down payment, trade-in value, sales tax, interest rate, and loan term.
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Auto Loan Summary
- Monthly Payment
- $533.36
- Amount Financed
- $27,000.00
- Sales Tax
- $0.00
- Total Interest Paid
- $5,001.56
- Total Out-of-Pocket Cost
- $35,001.56
Cost Breakdown
Principal $27,000.00Interest $5,001.56Down + Trade-In $3,000.00
Disclaimer: Results are estimates. Actual financing terms will depend on your lender, credit score, and dealer terms.
How Auto Loan Payments Are Calculated
Start with the vehicle price. Subtract trade-in value and down payment. Add sales tax (applies to the purchase price in most states). The resulting amount is your financed balance. Apply the amortization formula with your rate and term to find the monthly payment.
Total Cost of Ownership
Monthly payment is just one cost. Also consider insurance, registration fees, fuel, maintenance, and depreciation when budgeting for a vehicle.
Frequently Asked Questions
- Your trade-in value is subtracted from the vehicle price before tax and down payment calculations, directly reducing the amount you need to finance.
- A larger down payment reduces your loan amount, lowers monthly payments, and reduces total interest paid. It also reduces the risk of being upside-down on the loan.
- Auto loan rates vary by credit score, loan term, and lender. Those with excellent credit may qualify for rates under 5%. Check rates with your bank, credit union, and dealer financing.