Calculate your estimated monthly auto loan payment, including taxes and fees.
3 Years
4 Years
5 Years
6 Years
7 Years
Estimated Monthly Payment
$0.00
Understanding Your Auto Loan Payment
This Auto Loan Calculator helps you estimate your monthly payments for a new or used vehicle. By inputting the vehicle's price, your down payment, the loan term, interest rate, sales tax, and any additional fees, you can get a clear picture of your potential monthly financial commitment. Understanding these factors is crucial for budgeting and making informed decisions when purchasing a car.
How the Calculation Works:
Total Vehicle Cost: First, the sales tax is applied to the vehicle price. The formula is: Vehicle Price * (1 + Sales Tax Rate / 100).
Total Amount Financed: From the Total Vehicle Cost, your down payment is subtracted. Then, any additional fees are added. The formula is: Total Vehicle Cost - Down Payment + Additional Fees. This is the principal amount of your loan.
Monthly Interest Rate: The annual interest rate is converted into a monthly rate: Annual Interest Rate / 100 / 12.
Total Number of Payments: The loan term in years is converted into months: Loan Term (Years) * 12.
Monthly Payment: The standard loan payment formula (Amortization Formula) is used, which calculates the fixed monthly payment required to amortize a loan over a set period. The formula is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]</code
Where:
M = Monthly Payment
P = Principal Loan Amount (Total Amount Financed)
i = Monthly Interest Rate
n = Total Number of Payments
Use Cases:
Budgeting: Determine if a particular vehicle fits within your monthly budget.
Comparison Shopping: Compare loan offers from different lenders or dealerships.
Negotiation: Understand how changes in vehicle price, interest rate, or loan term affect your payment.
Financial Planning: Plan for the total cost of car ownership over the life of the loan.
Disclaimer: This calculator provides an estimate. Actual loan terms, interest rates, fees, and taxes may vary. Consult with your lender for precise figures.
function calculateAutoLoan() {
var vehiclePrice = parseFloat(document.getElementById("vehiclePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var salesTax = parseFloat(document.getElementById("salesTax").value);
var additionalFees = parseFloat(document.getElementById("additionalFees").value);
var resultElement = document.getElementById("result-value");
if (isNaN(vehiclePrice) || vehiclePrice < 0 ||
isNaN(downPayment) || downPayment < 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(interestRate) || interestRate < 0 ||
isNaN(salesTax) || salesTax 100 ||
isNaN(additionalFees) || additionalFees < 0) {
resultElement.textContent = "Invalid input";
resultElement.style.color = "#dc3545"; /* Danger Red */
return;
}
var totalVehicleCost = vehiclePrice * (1 + salesTax / 100);
var principal = totalVehicleCost - downPayment + additionalFees;
if (principal 0) {
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) - 1);
} else {
// Handle 0% interest rate case
if (numberOfPayments > 0) {
monthlyPayment = principal / numberOfPayments;
} else {
monthlyPayment = principal; // If term is 0, pay full amount
}
}
if (isNaN(monthlyPayment) || monthlyPayment < 0) {
resultElement.textContent = "Error";
resultElement.style.color = "#dc3545"; /* Danger Red */
} else {
resultElement.textContent = "$" + monthlyPayment.toFixed(2);
resultElement.style.color = "#28a745"; /* Success Green */
}
}