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Auto Loan Calculator
Enter the price of the car, what you pay up front and the loan terms. You get the monthly payment, the interest and what the car costs in total.
Example
A $30,000 car with 6% sales tax and $3,000 down means financing $28,800. At 7% over 60 months the payment is $570.27. Interest adds $5,416.47, so the car costs $37,216 in total.
How the auto loan calculator works
Sales tax is added to the vehicle price, then your down payment and trade-in value are subtracted. What remains is the amount financed.
The monthly payment comes from the standard loan formula M = P × i / (1 − (1 + i)−N), where P is the amount financed, i the monthly rate and N the number of months.
A longer term lowers the payment and raises the total interest. It also keeps the loan balance above the car’s resale value for longer, which matters if you sell or the car is written off.
Common questions
How is sales tax on a car calculated?
Rules vary by place. This calculator applies the tax to the full price. Some places tax the price after the trade-in is deducted, which lowers the tax, so check your local rule.
How much should I put down?
A larger down payment lowers the payment and the interest, and reduces the chance of owing more than the car is worth. Many guides suggest about 20% for a new car and 10% for a used one.
Are dealer fees included?
No. Registration, documentation and delivery fees are extra. Add them to the vehicle price if they will be financed.