Auto Loan Calculator
Enter a vehicle price, down payment, trade-in, APR, and term to estimate your monthly car payment — plus the total interest you will pay and how fast the balance falls.
Your results
Charts & visualization
Principal vs interest
Share of what you finance that goes to the lender.
Loan balance over time
Vehicle loans front-load interest just like mortgages.
Every chart’s underlying numbers are available as text — use the “view as table” control under each chart.
How it works
The calculator converts your APR to a monthly rate, computes the standard amortizing payment for the amount financed (price + fees − down payment − trade equity), then simulates every month of the schedule so total interest comes from real arithmetic rather than shortcuts.
Because interest is charged on the remaining balance, longer terms do not just stretch payments — they multiply them. Comparing 60 vs 72 months above shows the true price of the smaller monthly number.
Formula used
P— amount financed (price + fees − down − trade)r— monthly rate = APR ÷ 12 ÷ 100n— number of monthly payments
Example calculation
Financing $29,500 (a $32,000 car with $3,000 down and $500 in fees) at 7% APR for 60 months costs about $584 per month. Across 60 payments that is $35,048 — meaning roughly $5,548 goes to interest. Stretching the same loan to 72 months lowers the payment but raises total interest; compare terms above before signing.
Assumptions & limitations
- Simple-interest fixed-rate loan with equal monthly payments.
- Sales tax is assumed included in the vehicle price input.
- No prepayment penalties or payment holidays modeled.
- Gap insurance, extended warranties, and other add-ons increase the financed amount if included in “fees.”
Results are planning estimates based on your inputs and the stated assumptions — not financial advice or a loan offer. Verify important figures with your lender or advisor.
Frequently asked questions
How much should I put down on a car?
A common guideline is 10%–20% down for a new or used vehicle. A larger down payment reduces negative equity risk, since cars depreciate fastest in years one and two.
Is 72 months too long for a car loan?
Longer terms lower the payment but raise total interest and extend the period you are upside-down on the vehicle. If you need a very long term to afford the payment, the safer fix is usually a cheaper car.
Does my credit score change the result?
Indirectly — it sets the APR you qualify for. Enter your actual offered rate rather than an average to get a realistic payment.
What is the difference between APR and interest rate?
APR includes certain lender fees expressed as a yearly rate, so it reflects the true financing cost better than the nominal rate. Use APR in this calculator.