Auto Loan Calculator
Estimate your monthly car payment before you visit the dealership. Enter the vehicle price, down payment, interest rate, and loan term to see your payment breakdown and total cost of financing.
Monthly Payment
Loan Amount
Total Interest
Total Cost
This calculator provides estimates and is for informational purposes only.
How It Works
This calculator uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1], where P is the loan amount (vehicle price minus down payment), r is the monthly interest rate, and n is the number of monthly payments.
A larger down payment reduces both the loan amount and total interest. Shorter loan terms mean higher monthly payments but significantly less interest paid over the life of the loan.
Frequently Asked Questions
What is a good interest rate for a car loan?
As of recent years, new car rates typically range from 4% to 8% and used car rates from 6% to 12%, depending on your credit score, lender, and loan term. Excellent credit can qualify for rates below 4%.
Should I choose a 48-month or 72-month loan?
A 48-month loan has higher monthly payments but you'll pay far less interest overall. A 72-month loan lowers monthly costs but increases total interest and the risk of being "upside down" on the loan.
Does this include taxes and fees?
No. This calculator estimates the principal and interest payment. Sales tax, registration, dealer fees, and insurance are additional costs that vary by location and dealer.