Auto Loan Calculator
Free auto loan calculator with trade-in value, down payment, sales tax, and total cost of ownership. Unbiased — we don't push you to any dealer or lender.
Monthly Payment
$0
Total Interest
$0
Total Cost
$0
Interest Saved (Shorter Term)
$0
$
$5K$100K
% ($7,000)
0%50%
$
$0$50K
%
0%25%
%
0%15%
Loan Balance Over Time
Formula Used
Monthly Payment = (P - D - T) × [r(1+r)^n] / [(1+r)^n - 1]
Where:
P = Vehicle price
D = Down payment + Trade-in value
T = Trade-in tax credit (varies by state)
r = Monthly interest rate
n = Loan term in months
Total Interest = (Monthly Payment × n) - (P - D - T)
How This Auto Loan Calculator Works
Our auto loan calculator uses the standard amortization formula to give you accurate monthly payment estimates. Unlike dealer calculators, we don't bias results toward any financing option.
What’s Included
- Vehicle price, down payment, and trade-in: See your actual loan amount after all credits
- Sales tax: Calculated on (Price - Trade-in) in most states
- Term comparison: Toggle between 36, 48, 60, 72, and 84-month terms to see total interest differences
- Visual payoff timeline: Chart shows how your balance decreases over the loan
The True Cost of Longer Terms
On a $35,000 car at 6.5% APR:
- 36 months: ~$1,800 in interest
- 60 months: ~$3,100 in interest
- 84 months: ~$4,500 in interest
Longer terms lower your monthly payment but dramatically increase total interest. You may also end up “underwater” — owing more than the car is worth.
Frequently Asked Questions
How much should I put down on a car?
Aim for at least 20% on a new car and 10% on used. This reduces your monthly payment, total interest, and helps avoid being upside-down on the loan.
Is a 60-month or 72-month car loan better?
Shorter terms save significant interest. On a $35K loan at 6%, 60 months costs ~$5,500 in interest vs ~$8,300 for 72 months. Take the shorter term if payments are manageable.
Should I trade in my car or sell it privately?
Private sale typically gets 10-20% more than trade-in value. However, trade-in is simpler and may offer tax advantages in some states (sales tax is calculated after trade-in credit).