Estimate your monthly auto loan payments quickly and accurately.
Your Estimated Monthly Payment:
Total Interest:
Total Loan Amount:
Total Cost of Car:
Number of Payments:
How to Use the Car Loan Payment Calculator
Purchasing a vehicle is a significant financial commitment. Our Car Loan Payment Calculator is designed to help you understand the long-term costs of your auto financing. By adjusting variables like the interest rate and loan term, you can find a payment structure that fits your monthly budget.
Key Factors Influencing Your Car Payment
Vehicle Price: This is the base cost of the car before taxes and fees. Negotiating the sticker price is the first step in lowering your monthly payment.
Interest Rate (APR): Your Annual Percentage Rate is determined primarily by your credit score. Lower scores typically result in higher interest rates, which increases the total cost of the loan.
Loan Term: Most auto loans range from 36 to 72 months. While a longer term reduces your monthly payment, it increases the total amount of interest you pay over the life of the loan.
Down Payment & Trade-in: The more money you provide upfront, the less you need to borrow. This reduces both your monthly obligation and the interest accrued.
Real-World Example Calculation
Suppose you are looking at a SUV priced at $35,000. You have a $5,000 down payment and a trade-in valued at $3,000. With a sales tax of 7%, your total financed amount would be approximately $29,450. At a 5% interest rate over 60 months, your monthly payment would be roughly $555.76, with a total interest cost of $3,895.60 over 5 years.
Tips for Lowering Your Auto Loan Costs
To get the best deal, consider getting pre-approved by a credit union or bank before visiting the dealership. Additionally, aim for a shorter loan term if possible. While 72-month loans are common, they often lead to "negative equity," where you owe more than the car is worth as it depreciates.
function calculateCarLoan() {
var vehiclePrice = parseFloat(document.getElementById("vehiclePrice").value) || 0;
var interestRate = parseFloat(document.getElementById("interestRate").value) || 0;
var loanTerm = parseFloat(document.getElementById("loanTerm").value) || 0;
var downPayment = parseFloat(document.getElementById("downPayment").value) || 0;
var tradeIn = parseFloat(document.getElementById("tradeIn").value) || 0;
var salesTax = parseFloat(document.getElementById("salesTax").value) || 0;
// Calculate initial tax
var taxAmount = vehiclePrice * (salesTax / 100);
var totalPriceWithTax = vehiclePrice + taxAmount;
// Principal calculation
var principal = totalPriceWithTax – downPayment – tradeIn;
if (principal <= 0) {
alert("Down payment and trade-in exceed the vehicle cost. No loan required.");
return;
}
if (loanTerm 0) {
var monthlyRate = (interestRate / 100) / 12;
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
var x = Math.pow(1 + monthlyRate, loanTerm);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
totalPaid = monthlyPayment * loanTerm;
totalInterest = totalPaid – principal;
} else {
monthlyPayment = principal / loanTerm;
totalPaid = principal;
totalInterest = 0;
}
// Display Results
document.getElementById("resultArea").style.display = "block";
document.getElementById("monthlyPaymentDisplay").innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalInterestDisplay").innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalLoanDisplay").innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalCostDisplay").innerText = "$" + (totalPaid + downPayment + tradeIn).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("paymentCountDisplay").innerText = loanTerm;
// Scroll to results on mobile
if(window.innerWidth < 600) {
document.getElementById("resultArea").scrollIntoView({behavior: "smooth"});
}
}