Auto Loan Monthly Payment Calculator
Estimate your car payments and total interest costs
12 Months (1 Year)
24 Months (2 Years)
36 Months (3 Years)
48 Months (4 Years)
60 Months (5 Years)
72 Months (6 Years)
84 Months (7 Years)
Estimated Monthly Payment
$0.00
Total Loan Amount:
$0.00
Total Interest Paid:
$0.00
Total Sales Tax:
$0.00
Total Cost (Loan + Interest):
$0.00
How to Use the Car Loan Calculator
Buying a vehicle is a significant financial commitment. This auto loan calculator helps you break down the monthly costs associated with financing a car, truck, or SUV. By inputting the vehicle price, your down payment, and the financing terms, you can determine if a specific vehicle fits within your monthly budget.
Key Factors in Your Auto Loan
- Vehicle Price: The sticker price of the car before taxes and fees.
- Down Payment: The cash you pay upfront. A higher down payment reduces your loan amount and monthly payment.
- Trade-In Value: The amount a dealer gives you for your current vehicle, which acts like a down payment.
- Interest Rate (APR): The cost of borrowing the money, expressed as a yearly percentage. This is largely determined by your credit score.
- Loan Term: The length of time you have to repay the loan. Longer terms (72-84 months) offer lower monthly payments but result in higher total interest paid.
The Math Behind the Calculation
Our calculator uses the standard amortization formula to calculate your fixed monthly payment:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where: M = Monthly Payment, P = Principal loan amount, i = Monthly interest rate (annual rate / 12), and n = Total number of months.
Example Calculation
If you purchase a car for $30,000 with a $5,000 down payment at 5% interest for 60 months:
- Loan Principal: $25,000
- Monthly Payment: Approximately $471.78
- Total Interest Paid: $3,306.80