Auto Loan Calculator
Estimate the real monthly payment on a car loan. Enter the vehicle price, your down payment and trade-in, the sales tax rate, any fees, the interest rate and the term, and the calculator returns the monthly payment along with the amount financed, total interest and total cost.
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Monthly payment
$610.95
Loan amount$32,400.00
Sales tax$2,450.00
Total interest$4,257.00
Total cost$36,657.00
How it works
The amount financed is the price minus your down payment and trade-in, plus sales tax and fees. Sales tax is usually charged on the price after the trade-in is deducted. The monthly payment then comes from the standard loan formula Payment = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ], where r is the monthly rate and n is the number of months.
Frequently asked questions
Is sales tax applied before or after the trade-in?
In most places sales tax is calculated on the price after subtracting the trade-in value, which lowers the tax. This calculator follows that rule.
How does a bigger down payment help?
It reduces the amount you finance, which lowers both the monthly payment and the total interest you pay.
Does the calculator include fees?
Yes. Add registration, documentation or dealer fees in the fees box and they are included in the amount financed.