Auto loan calculator
Your monthly car payment and what the car costs once financing is included.
Monthly payment
Monthly payment: US$554.43
- Amount financed
- US$28,000.00
- Sales tax
- US$0.00
- Total interest
- US$5,266.01
- Total cost of the car
- US$37,266.01
- Amount financed
- US$28,000.0084.2%
- Total interest
- US$5,266.0115.8%
How it works
The amount financed is the price plus sales tax and any fees rolled into the loan, minus the down payment and trade-in. It is repaid in equal monthly payments at the annual rate divided by 12.
The total cost of the car adds your down payment, the trade-in value and every monthly payment, so it shows what you hand over in total.
Dealer offers such as 0% finance or cash rebates change the numbers; enter 0 as the rate to model a 0% deal.
Formula
Financed L = price + tax + fees − down − trade-in r = annual rate ÷ 12 ÷ 100, n = months Payment = L × r ÷ (1 − (1 + r)^−n)
Worked example
A 32,000 car with 4,000 down and no tax or fees leaves 28,000 to finance. At 7% over 60 months the payment is 554.43, total interest is 5,266.01 and the car costs 37,266.01 in total.
Questions people ask
Is a longer term better?
It lowers the monthly payment but raises the total interest, and the car may be worth less than the loan for longer.
Where do I find my sales tax rate?
From your local tax authority or the dealer. Rates differ by country, state and sometimes city, so we don’t fill one in for you.