Auto Loan Calculator: Estimate Your Car Payment and Total Cost

Buying a car is a big financial decision. Our Auto Loan Calculator helps you quickly estimate your monthly payment, total interest, and total cost of ownership by accounting for down payment, trade-in value, sales tax, and fees. Whether you’re buying new or used, you can compare scenarios in seconds to find a payment that fits your budget.

How to Use This Tool

1. Enter the vehicle price.
2. Add your down payment and any trade-in value.
3. Set your local sales tax rate and estimated fees (doc, title, registration).
4. Input the APR and loan term (years or months).
5. Select Calculate to see your results.

You’ll instantly see:

• Estimated monthly payment
• Number of payments (months)
• Total payment across the term
• Total interest paid
• Amount financed (principal after down payment, trade-in, taxes, and fees)
• Estimated taxes

Understanding the Math

Auto loans typically use fixed-rate amortization. The payment is calculated using the same formula lenders use, based on the amount financed, monthly interest rate, and number of payments. Sales tax is usually applied to the taxable portion of the price (often price minus trade-in value, depending on your state). Fees such as documentation, title, and registration are typically added to the amount financed.

Tips to Lower Your Car Payment

• Increase your down payment: Reduces the amount financed and total interest.
• Improve your credit score: Better credit can unlock lower APRs.
• Shop rates with banks, credit unions, and online lenders before visiting the dealership.
• Consider a shorter term: You’ll pay less total interest, even if the monthly payment is higher.
• Avoid unnecessary add-ons: Extended warranties and extras can inflate the amount financed.

Common Mistakes to Avoid

• Focusing only on monthly payment: A low payment with a very long term can cost much more in total interest.
• Ignoring taxes and fees: These can add thousands to your amount financed.
• Not comparing offers: A 1% APR difference can save hundreds or thousands over the term.

Where to Learn More

• See how amortization works in our guide: Auto Loan Amortization Explained
• Find ways to secure a lower APR: How to Get the Best Auto Loan Rate
• Considering leasing? Read Lease vs Buy: What’s Better for You?

Keep Exploring

Run scenarios now with the Auto Loan Calculator, then dive deeper with:

• Auto Loan Down Payment: How Much Should You Put Down?
• Refinance Your Car Loan: When It Makes Sense

Citations

• Consumer Financial Protection Bureau (CFPB) — Auto loans overview
• Federal Trade Commission (FTC) — Buying a new or used car