Auto Loan
Calculator

Know your monthly payment, total interest and total cost before you finance — with a full amortization table and rate comparison.

Monthly payment Total interest Amortization table

Your loan

Car price ($)

Down payment ($)

Trade-in ($)

Sales tax (%)

APR (%)

Term (months)

What if the rate changes?

Rate −1%

Rate +1%

Results

Monthly payment

$482

on a loan of $25,000

Total paid

$28,920

Total interest

$3,920

Total cost

$33,920

Payment	Principal	Interest	Balance

Shorter = cheaper

A 48-month loan costs less in interest than 72 months, even at the same rate. Shorter terms also keep you from going upside down.

Bigger down payment

A 20% down payment lowers your monthly cost and keeps the loan amount below the car's immediate resale value.

Compare APR, not rate

APR includes fees, giving the true cost. Always compare APR across banks, credit unions and dealer financing.

FAQ

Auto loan FAQ

How are car loan payments calculated?

Payments use the standard amortization formula: M = P × r ÷ (1 − (1+r)^−n), where P is the loan amount, r the monthly rate (APR/12) and n the number of months. This calculator does it for you.

What is a good APR for a car loan?

In 2026, good rates vary from about 4–7% APR for excellent credit to 10%+ for average credit. Dealer financing often carries incentives; credit unions and banks are worth comparing.

What is the difference between APR and interest rate?

The interest rate is the cost of borrowing; the APR adds fees and other costs, giving the true annual cost. Compare APR, not just the rate.

Should I make a larger down payment?

A larger down payment lowers the loan amount, interest and monthly payment, and reduces the risk of being "upside down" (owing more than the car is worth). 20% is a common target.

How long should a car loan be?

Shorter terms (36–48 months) cost less in interest and build equity faster. Longer terms (72–84 months) lower payments but you pay more interest and the car depreciates faster than you repay.

What is a trade-in value?

The amount a dealer credits you for your current car, reducing the amount you need to finance. Use the depreciation calculator to estimate it.

Can I pay off my car loan early?

Usually yes, but check for prepayment penalties. Paying extra principal each month can save hundreds in interest.

What is negative equity?

When you owe more on the loan than the car is worth. It happens with long terms, small down payments and fast depreciation — and it makes trading in harder.

Depreciation→

Avoid going upside down — check resale value.

Total cost of ownership→

The real monthly cost, all expenses included.

Lease vs buy→

Is financing the right move for you?

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