Car Loan Calculator
Estimate your monthly car loan payment, total repayment, and total interest based on the loan amount, interest rate, term, and down payment.
Overview
This car loan calculator helps you estimate your monthly payment, amount financed, total repayment, and total interest. Enter the car price, down payment, trade-in value, interest rate, loan term, and optional sales tax rate to see how each factor affects the cost of financing.
How it works
The calculator first reduces the vehicle price by your down payment and trade-in value to estimate the net purchase amount. It then adds sales tax if entered and treats the result as the loan amount. For loans with interest, it uses the standard amortizing loan formula to estimate equal monthly payments over the selected term. It also calculates the total amount repaid and the total interest paid over the life of the loan.
How to use this calculator
- 1Enter the vehicle purchase price.
- 2Add your down payment amount.
- 3Enter any trade-in value you want to apply.
- 4Input the annual interest rate and loan term.
- 5Add the sales tax rate if you want tax included in the financing estimate.
- 6Review the monthly payment, total repayment, and total interest.
Example Calculation
Car price
$30,000
Down payment
$5,000
Trade-in value
$2,000
Annual interest rate
7%
Loan term
5
Sales tax rate
0%
Monthly payment
$450.02
For a $30,000 car with a $5,000 down payment, a $2,000 trade-in, a 6.5% APR, and a 5-year term, the estimated amount financed is $23,000 and the monthly payment is about $450, with total interest of roughly $4,000.
Frequently asked questions
What does this car loan calculator estimate?
It estimates your monthly payment, amount financed, total repayment, and total interest for a fixed-rate car loan.
Does the calculator include a down payment?
Yes. Your down payment reduces the amount financed, which can lower both your monthly payment and total interest.
Can I include a trade-in value?
Yes. If you enter a trade-in value, it is deducted from the vehicle price before the loan amount is calculated.
Does this calculator include sales tax?
Yes. If you enter a sales tax rate, the calculator adds estimated tax to the financed amount.
What happens if the interest rate is 0%?
The calculator divides the loan amount evenly across the loan term, so your monthly payment is simply the loan amount divided by the number of months.
Why might my actual car payment be different?
Your real payment may differ because lenders can include fees, taxes may be calculated differently, and your approved rate may depend on credit and loan conditions.
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Assumptions and warnings
Assumptions
- Results are estimates based on a fixed interest rate and equal monthly payments.
- Sales tax is applied to the net vehicle price after subtracting down payment and trade-in value.
- This calculator does not include lender fees, registration costs, insurance, maintenance, or optional add-ons.
- Your actual loan terms, taxes, and approval conditions may differ by lender and location.
Warnings
- This calculator provides an estimate only and is not financial advice.
- Check the final loan offer carefully before committing to a vehicle purchase.