Auto Loan Payment Calculator

A car loan is an amortizing loan like any other: a fixed payment retires the balance over the term. The car-specific wrinkle is the trade-off between payment size and total cost, and the effect of a trade-in and sales tax on the amount actually financed.

Car pricePurchase price before tax and fees.Down paymentCash paid up front plus any trade-in value.Annual interest rate(%)Nominal annual rate on the loan.Term in monthsLength of the loan.

Monthly payment

$601.14

Amount financed: $30,000.00
Total paid: $36,068.31
Total interest: $6,068.31

Values update as you type. This calculator covers the single scenario its formula assumes — see Common Mistakes for what it leaves out.

The formula this calculator uses

M = P x r / (1 - (1 + r)^-n)

P: Amount financed, price less down payment
r: Monthly rate, annual rate divided by 12
n: Term in months
M: Fixed monthly payment

How to check the result by hand

1
Subtract the down payment and trade-in
A 35,000 car with 5,000 down and no trade-in leaves 30,000 to finance before tax and fees.
2
Add tax and fees
Sales tax, registration and dealer fees are financed too. Add them to get the final amount financed.
3
Convert the rate to monthly
Divide the annual rate by 12. A 7.5% rate becomes 0.00625 a month.
4
Apply the payment formula
Compute (1+r)^-n, subtract from 1, and divide. For 30,000 at 0.00625 over 60 months the payment is 601.14.
5
Total it up
Multiply the payment by the term to get total paid, then subtract the amount financed to get total interest.

For worked examples, common mistakes and the limits of this formula, read the full How To Calculate Auto Loan Payment page.