Auto Loan Calculator
Estimate your monthly car payment from price, down payment, trade-in, rate, and term.
Enter your values and calculate to see the result.
Formula used
Amount financed = price − down payment − trade-in
M = P * [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
where P = amount financed,
r = monthly interest rate (annual rate ÷ 12 ÷ 100),
n = number of monthly payments (loan term in months)
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Worked example
Price: $30,000 Down: $5,000 Trade-in: $2,000
Amount financed: $23,000 Rate: 7% Term: 60 months
Monthly rate (r): 7 ÷ 12 ÷ 100 ≈ 0.005833 Payments (n): 60
Result: M ≈ $455.43 per month, with about $4,325.65 total interest.
Frequently asked questions
What is the "amount financed"?
It is the vehicle price minus your down payment and trade-in value — the actual balance you borrow and pay interest on.
How does my trade-in reduce the loan?
A trade-in lowers the amount you need to finance, just like a down payment. Both reduce your monthly payment and the total interest paid.
Which loan term should I choose?
Shorter terms (36–48 months) cost less in interest but have higher payments. Longer terms (72–84 months) lower the payment but can leave you owing more than the car is worth early on.
Does this include sales tax and fees?
No. Enter the pre-tax vehicle price; taxes, title, and dealer fees are added by the lender and vary by state and dealership.