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About the Auto Loan Calculator
This Auto Loan Calculator computes your monthly car payment, total interest, and total cost of the loan. Enter a vehicle price, down payment, trade-in value, interest rate, and loan term to see the full repayment picture.
The calculator uses the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of payments. The loan amount equals the vehicle price minus your down payment and trade-in value. A larger down payment or a shorter term lowers total interest. Compare several term lengths side by side before choosing, and consider a financial professional for major decisions.
- Enter the vehicle price, down payment, and trade-in value.
- Add the annual interest rate and pick a loan term in months.
- Run the calculation to view the monthly payment and totals.