Calculate your monthly auto loan payment before you head to the dealership. Enter the vehicle price, down payment, trade-in value, loan term, and interest rate — and get back your monthly payment, total interest paid, total loan amount, and a full amortization schedule broken down month by month.
Monthly Payment
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Total Loan Amount
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Total Interest Paid
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Total of All Payments
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Total Cost (Price + Interest + Tax + Fees)
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Upfront Payment (Down + Tax + Fees)
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When you finance a vehicle, a lender pays the dealer on your behalf and you repay the lender in fixed monthly installments over a set term — typically 24 to 84 months. Each payment covers a portion of the principal (the amount borrowed) plus interest. Early payments are interest-heavy; over time, more of each payment goes toward principal.
Shorter terms (24–48 months) mean higher monthly payments but significantly less total interest paid. Longer terms (60–84 months) lower your monthly payment but cost more in interest over the life of the loan. Financial experts generally recommend keeping your loan term at 60 months or less to avoid being "underwater" on the vehicle.
Auto loan rates vary based on your credit score, the loan term, and whether the vehicle is new or used. Borrowers with excellent credit (780+) often qualify for rates below 5%, while those with fair credit may see rates of 10% or higher. Checking with your bank or credit union before visiting a dealership can help you secure a competitive rate.
Your trade-in value reduces the amount you need to finance. However, if you still owe money on your trade-in vehicle, that remaining balance is typically added to your new loan — a situation called being "upside down" or having negative equity. This calculator accounts for both the trade-in value and any amount owed so you get an accurate loan amount.
Sales tax is a state and sometimes local government tax applied to the purchase price of the vehicle. Rates vary widely by state — from 0% in states like Oregon and Montana to over 9% in some jurisdictions. In most states, sales tax is calculated on the vehicle's sale price after rebates but before trade-in credits are applied.
Beyond the sticker price, common fees include title and registration fees, documentation (dealer) fees, and sometimes dealer-installed accessories or protection packages. These can range from a few hundred to over $1,000 depending on your state and dealership. Always ask for an itemized out-the-door price before signing.
Yes, most auto loans allow early payoff. Paying extra each month or making a lump-sum payment reduces your principal faster, which saves you interest over the life of the loan. Check your loan agreement for any prepayment penalties — though these are rare on personal auto loans — before making extra payments.
A common guideline is to keep your total monthly car expenses (loan payment plus insurance) under 15–20% of your monthly take-home pay. For just the loan payment, many financial advisors suggest no more than 10–15% of your after-tax income. Use the calculator above to find a purchase price, down payment, and loan term combination that fits comfortably within your budget.