Auto Loan Calculator

How to use this auto loan calculator

Enter the vehicle price, your down payment, the APR (annual percentage rate) and the loan term in months. The monthly payment, total interest, total cost and a year-by-year payoff chart update instantly.

How the numbers work

• Loan amount = vehicle price − down payment.
• Monthly payment uses the standard amortization formula on the loan amount.
• Total interest = total of all payments − loan amount.

Estimates use standard formulas. Your actual APR depends on credit score, lender and term, and taxes and fees will add to the total — confirm the final figures with your lender or dealer.

Frequently Asked Questions

How is my monthly car payment calculated?

The loan amount (price minus down payment) is amortized over the term using the standard formula: M = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where r is the monthly rate (APR ÷ 12) and n is the number of months.

How much should I put down on a car?

A common guideline is 20% down for a new car and 10% for used, which lowers your loan amount, monthly payment and total interest. A larger down payment also reduces the risk of owing more than the car is worth.

What is a typical auto loan term?

Most auto loans run 36 to 72 months. Longer terms lower the monthly payment but increase the total interest you pay over the life of the loan.

Does this include tax, title and fees?

No. This calculates principal and interest on the loan only. Sales tax, title, registration, dealer fees and insurance are not included and will add to your true cost.