Auto Loan Calculator
Calculate your car loan with our free auto loan calculator. Enter price, down payment, trade-in, rate and term to see monthly payment and total cost.
About this tool
Car shopping is really payment shopping - the monthly number decides what you can afford. Our free auto loan calculator turns price, down payment, trade-in, rate, and term into your exact monthly payment.
It also reveals the total cost and total interest, so you can see what a longer term really costs you.
How to use
Enter the car's price, your down payment, and any trade-in value. These are subtracted to get the amount you actually borrow. Then enter the annual interest rate and the loan term in months (common terms are 36, 48, 60, or 72).
Press Calculate Payment to see the loan amount, monthly payment, total cost including your down payment, and total interest paid.
The math behind it
Car loans amortize: each payment covers that month's interest plus part of the principal. The monthly payment formula is: loan x r / (1 - (1+r)^-n), where r is the monthly rate and n is the number of months. Total cost is the down payment plus all monthly payments.
Longer terms lower the payment but raise total interest substantially - a 72-month loan can cost thousands more than a 48-month loan for the same car.