Estimate your monthly auto payments and see how much you can afford.
2 Years (24 Months)
3 Years (36 Months)
4 Years (48 Months)
5 Years (60 Months)
6 Years (72 Months)
7 Years (84 Months)
Estimated Monthly Payment
$0.00
Total Interest
$0.00
Total Loan Cost
$0.00
How to Use the Car Loan Calculator
Purchasing a vehicle is a major financial commitment. Our car loan calculator helps you break down the total cost of ownership by considering the purchase price, interest rate, and loan duration. To get the most accurate estimate, follow these steps:
Vehicle Price: Enter the sticker price of the car or the negotiated price including taxes and fees.
Down Payment: Include your cash on hand plus the trade-in value of your current vehicle.
Interest Rate: Your APR (Annual Percentage Rate) based on your credit score. Usually ranges from 3% to 15%.
Loan Term: Choose how many years you want to pay off the car. Longer terms result in lower monthly payments but higher total interest.
Understanding Your Results
The calculation uses the standard amortization formula to determine your fixed monthly installment. The formula used is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where M is your monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the number of months.
Realistic Example
If you purchase a car for $30,000 with a $5,000 down payment at a 5% interest rate for 5 years (60 months):
Loan Amount: $25,000
Monthly Payment: Approximately $471.78
Total Interest Paid: $3,306.80
Total Price Paid: $33,306.80 (Price + Interest)
By increasing your down payment or opting for a shorter term, you can significantly reduce the total amount of interest paid over the life of the loan.
function calculateCarLoan() {
var price = parseFloat(document.getElementById('carPrice').value);
var down = parseFloat(document.getElementById('downPayment').value) || 0;
var rate = parseFloat(document.getElementById('interestRate').value);
var termYears = parseInt(document.getElementById('loanTerm').value);
if (isNaN(price) || isNaN(rate) || price <= 0 || rate = price) {
alert("Down payment cannot be equal to or greater than the car price.");
return;
}
var principal = price – down;
var monthlyRate = (rate / 100) / 12;
var numberOfPayments = termYears * 12;
var monthlyPayment = 0;
if (rate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
var x = Math.pow(1 + monthlyRate, numberOfPayments);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
}
var totalCost = monthlyPayment * numberOfPayments;
var totalInterest = totalCost – principal;
document.getElementById('monthlyPaymentDisplay').innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalInterestDisplay').innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalCostDisplay').innerHTML = "$" + (totalCost + down).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('results-box').style.display = 'block';
// Scroll to results on mobile
if(window.innerWidth < 600) {
document.getElementById('results-box').scrollIntoView({behavior: 'smooth'});
}
}