Auto Loan & Car Payment Calculator
Estimate your monthly car payment. Enter the price, your down payment and trade-in, the sales tax, and the loan rate and term to see the payment, the total interest, and what the car really costs.
Monthly payment
522.02
Check the highlighted fields to see your result.
- Amount financed
- 26,680.00
- Total interest
- 4,641.49
- Total cost of the car
- 36,321.49
Results are estimates for information only and do not constitute financial, medical, or legal advice.
How your car payment is worked out
First, the calculator works out the amount you need to borrow: the price plus sales tax and fees, minus your down payment and trade-in. Then it uses the standard formula for a fixed-rate loan, where each monthly car payment is the same and covers that month's interest plus part of the balance.
The formula
Amount financed = price + tax + fees − down payment − trade-in
Payment = P × r ÷ (1 − (1 + r)−n)
P is the amount financed, r is the annual rate divided by 12, and n is the number of months.
Worked example
A $30,000 car with $3,000 down, a $2,000 trade-in, 6% sales tax, and a 60-month loan at 6.5%.
- Sales tax: 6% of ($30,000 − $2,000) = $1,680.
- Amount financed: $30,000 + $1,680 − $3,000 − $2,000 = $26,680.
- Monthly payment: $522.02 for 60 months.
- Total interest: $522.02 × 60 − $26,680 ≈ $4,641.49.
Frequently asked questions
Is sales tax charged on the full price of the car?
In most US states, sales tax is charged on the price minus your trade-in value, which is how this calculator works. A few states tax the full price, and some have no sales tax on cars. Check the rules in your state.
Is a longer loan term better?
A longer term lowers the monthly payment, but you pay interest for more months, so the car costs more in total. You can also end up owing more than the car is worth for longer. Compare the total interest for different terms before you decide.
Should I roll fees into the loan?
You can, but then you pay interest on them too. Paying fees up front keeps the amount financed lower. Either way, it's worth asking the dealer for a full list of fees.
Does the payment include insurance?
No. The monthly payment only covers the loan. Car insurance, fuel, and maintenance are separate costs, so include them in your budget.