Auto Loan Calculator
Enter the price of the car, your down payment, the trade-in value and anything you still owe on it, the sales tax rate, the fees, the interest rate and the loan term. The calculator gives the monthly payment, the loan amount, the total interest and the total cost. A second mode works backwards: type the monthly payment you can afford and see the highest car price it supports. Everything runs in your browser.
before tax and fees
what the dealer offers
the loan payoff, if any
title, registration, documents
The loan covers the price, the sales tax and the fees, minus your down payment and the equity in your trade-in. If you owe more on the old car than it is worth, that shortfall (negative equity) is added to the new loan. The payment uses the standard loan formula with the annual rate divided by 12. Fees are not taxed here, and dealer add-ons, insurance and any rebates are not included. Longer terms lower the payment but cost more interest. Your lender's figures will differ a little. Everything runs in your browser.
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Math & MoneyAbout the Auto Loan Calculator
The loan is the price plus sales tax plus fees, minus your down payment and the equity in your trade-in. Equity is the trade-in value minus what you still owe, and if it is negative the shortfall is added to the new loan. In many US states the sales tax is charged on the price minus the trade-in value, and in others on the full price, so there is a switch for it. The payment uses the standard loan formula with the annual rate divided by 12. For example, a 30,000 car with 3,000 down, 7% tax (2,100), 500 in fees and a 6% loan over 60 months has a loan of 29,600 and a payment of 572.25, with 4,735.06 of interest. Over 72 months the payment falls to 490.56 but the interest rises to 5,720.14, and over 48 months it is 695.16 with 3,767.53 of interest. With an 8,000 trade-in and tax charged after the trade-in, the tax drops to 1,540, the loan to 21,040 and the payment to 406.76. Working backwards, a payment of 500 supports a car of about 26,507 on the same terms. Dealer add-ons, insurance and rebates are not included.
How is a car loan payment calculated?▾
Add the sales tax and fees to the price, subtract the down payment and the trade-in equity, then apply the loan formula with the monthly rate and the number of months.
Is sales tax charged on the trade-in?▾
It depends on the state. Many US states tax only the price minus the trade-in value, others tax the full price. Check your state, and use the switch accordingly.
What is negative equity?▾
It means you owe more on your old car than it is worth. The difference is added to the new loan, which raises the payment and the interest you pay.
Is a longer loan term better?▾
It lowers the monthly payment but increases the total interest. In the example 72 months costs 5,720.14 of interest against 4,735.06 for 60 months.
Is my data uploaded?▾
No. The calculation runs in your browser and nothing you enter is sent anywhere.