Auto Loan Calculator
Estimate your car payment with taxes, fees, trade-in and down payment
Car and Loan Details
Loan Term
Most US states tax only the price minus your trade-in
Otherwise they are paid upfront at signing
Monthly payment
$585.03
$29,900 financed for 60 months at 6.50% APR
Amount financed
$29,900
Total interest
$5,202
Cash due at signing
$3,000
down payment
Total cost of the car
$38,102
price + tax + fees + interest − rebate
Sales tax comes to $2,100 and fees to $800, both added to the loan.
Compare Loan Terms
| Term | Monthly Payment | Total Interest | Total of Payments |
|---|---|---|---|
| 36 months | $916.41 | $3,091 | $32,991 |
| 48 months | $709.08 | $4,136 | $34,036 |
| 60 months | $585.03 | $5,202 | $35,102 |
| 72 months | $502.62 | $6,288 | $36,188 |
| 84 months | $444.00 | $7,396 | $37,296 |
All terms use the same rate. Lenders often charge higher rates for longer terms, which widens the gap.
Year-by-Year Balance
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $5,231 | $1,789 | $24,669 |
| 2 | $10,812 | $3,229 | $19,088 |
| 3 | $16,767 | $4,294 | $13,133 |
| 4 | $23,121 | $4,961 | $6,779 |
| 5 | $29,900 | $5,202 | $0 |
How Car Loans Work
Your amount financed is the price minus your down payment, trade-in equity and rebates, plus any taxes and fees you roll into the loan. The lender turns that amount into equal monthly payments. Early payments are mostly interest, and the interest share shrinks as the balance falls.
The Formulas
Financed = price − down − trade-in equity − rebate (+ tax & fees)
M = P × r(1+r)^n ÷ [(1+r)^n − 1]
Interest = M × n − P
P = amount financed, r = APR ÷ 12, n = months
Save on Your Car Loan
- •Get preapproved by a bank or credit union before visiting the dealer
- •Negotiate the car's price first, then the financing
- •Keep the term to 60 months or less if the payment allows
- •Paying taxes and fees upfront avoids paying interest on them
- •Avoid rolling negative equity from an old car into a new loan