Auto Loan Payment Calculator
What your car payment will actually be.
Monthly payment:
Total paid:
Total interest:
How the monthly payment is calculated
The calculator works out your principal (car price minus down payment and trade-in) and applies a fixed-rate auto loan formula. Each month you pay a portion of principal plus the interest that accrued on the remaining balance, so your payment stays the same for the whole term while the mix shifts from mostly interest toward mostly principal.
Worked example
Take a $30,000 car with a $3,000 down payment - a $27,000 loan at 7% APR for 60 months. The formula returns a payment of about $535. Over the term you repay the $27,000 plus roughly $5,100 of interest, so the car costs about $35,100 financed before tax and fees.
What moves the number
- Down payment - every extra $1,000 down removes $1,000 of principal plus the interest it would have carried.
- APR - a one-point rate change on a 60-month loan moves the payment roughly $10-15 per $10,000 borrowed.
- Term - stretching 60 to 72 months lowers the payment but adds a year of interest.
What this calculator does not include
It ignores sales tax, registration, dealer fees and gap insurance, which real car purchases add on top. For a complete ownership picture, pair it with the car ownership cost calculator.
Frequently asked questions
Should I use the longest term to get the lowest payment?
Only if you must. Longer terms mean more interest and more time owing more than the car is worth. If the payment only works at 72+ months, the car is probably too expensive.
How much should I put down?
20% is the common guideline for new cars. It keeps you from being underwater early and often earns you a better rate.
Before you sign
Run the numbers with a longer and a shorter term, then add the sales tax and fees you will actually pay to see the out-the-door total. Lenders quote APR, which already includes most fees, so compare APR rather than the interest rate alone. If the payment only fits at a term longer than you planned, consider a less expensive car instead of stretching the loan.