Estimate your monthly car payment, total interest, and total cost — from vehicle price, down payment, trade-in value, interest rate, and loan term. No signup, instant results.
How is a car payment calculated? The monthly auto-loan payment is M = P · [ r(1+r)n ] / [ (1+r)n − 1 ], where P is the amount financed (vehicle price − down payment − trade-in + any sales tax rolled in), r is the monthly rate (annual APR ÷ 12), and n is the number of months. This tool computes the payment and the total interest you'll pay over the loan.
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It applies the amortization formula to the amount financed (vehicle price minus down payment and trade-in), the monthly interest rate (APR ÷ 12), and the number of months in the term.
Yes — a 72- or 84-month term lowers the monthly payment but increases total interest, and you may owe more than the car is worth for longer. A shorter term costs more monthly but far less overall.
Sales tax (unless you add it to the price), title and registration fees, dealer add-ons, and gap insurance. Budget for these separately.
A trade-in reduces the amount you finance, just like a down payment — lowering both your monthly payment and total interest.