- Enter vehicle price, down payment, trade-in value, annual interest rate, and term in months.
- Click Calculate. Amount financed is price minus down payment minus trade-in. The monthly payment uses the same amortization formula as a closed-end installment loan.
- Read the monthly payment, total paid, and total interest. Taxes, title, and dealer fees are not included unless you add them to the vehicle price.
Auto Loan Calculator
The Auto Loan Calculator is a tool designed to estimate your monthly car loan payments.
Configuration for this calculator is missing.
How to Use This Tool
Learn More About Auto Loan Calculator
Understanding Auto Loan Calculations
The auto loan calculator uses a standard amortization formula to determine the monthly payment.
Amortization Formula
The formula considers the principal loan amount, interest rate, and loan term to arrive at the monthly payment.
- M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where: M = Monthly Payment P = Principal Loan Amount i = Monthly Interest Rate (annual rate divided by 12) n = Number of Payments (loan term in months)
About
The Auto Loan Calculator is a tool designed to estimate your monthly car loan payments. By inputting the vehicle price, down payment, trade-in value, interest rate, and loan term, you can get a clear understanding of your potential financial obligations before committing to a purchase.
Examples
$25,000 vehicle, $5,000 down, $2,000 trade-in
3.9% APR for 60 months
Input
{
"vehicle_price": 25000,
"down_payment": 5000,
"trade_in_value": 2000,
"interest_rate": 3.9,
"term": 60
}Output
Vehicle price: $25000.00 Down payment: $5000.00 Trade-in: $2000.00 Loan amount: $18000.00 Rate: 3.9% APR Term: 60 months Monthly payment: $330.69 Total paid: $19841.14 Total interest: $1841.14
$35,000 vehicle, $7,000 down, $3,000 trade-in
5% APR for 72 months
Input
{
"vehicle_price": 35000,
"down_payment": 7000,
"trade_in_value": 3000,
"interest_rate": 5,
"term": 72
}Output
Vehicle price: $35000.00 Down payment: $7000.00 Trade-in: $3000.00 Loan amount: $25000.00 Rate: 5% APR Term: 72 months Monthly payment: $402.62 Total paid: $28988.88 Total interest: $3988.88
Use Cases
- Estimating monthly payments for a new car loan
- Comparing loan options with different interest rates
- Determining the affordability of a vehicle based on monthly budget
- Planning for car purchases by adjusting down payment amounts