The Calculator App
Auto Loan Calculator
Estimate a vehicle payment, the amount financed, trade-in equity, and the interest on a fixed-rate monthly loan. This is a planning tool, not a lender quote or a tax bill.
$493.65 / month
Illustrative example using a $28,000 used vehicle, $3,000 down, $2,000 of trade equity, a 6% tax rate, and 6.5% APR for 60 months. Amount financed $25,230.00. Total interest $4,389.31. Not a quote. The interactive calculator replaces this summary in the browser.
How this auto loan estimate works
The payment is a planning estimate for a fixed-rate monthly auto loan. Sales tax is an illustrative mode you select. It is not inferred from your location, and this page does not fetch a live tax rate or a lender offer.
Total Price and Monthly Payment
Total Price uses the auto price you enter. Monthly Payment searches for the highest price whose contractual payment stays at or under the payment you enter. Taxes, fees, the down payment, the rebate, and the trade stay as you set them. A result is shown only when that price still satisfies the payment.
Trade equity and tax
Positive equity is the trade allowance minus the payoff, and it reduces what you finance. Negative equity can be added to the loan or paid in cash. Full-price tax uses the vehicle price. Trade-credit tax subtracts the allowance first. A rebate can be applied before or after that tax. Title and registration stay outside the tax.
Term, interest, and extra principal
Stretching the term can lower the payment and increase the interest you pay if you follow the schedule. Extra principal shortens the schedule used on this page. None of these figures is an approval or a promise that a lender will offer the rate you entered.
Questions
- How is an auto loan payment calculated?
- This page uses a fixed-rate monthly schedule. Interest each month is the unpaid balance times the APR divided by 12. The payment is the amount that brings the balance to zero after the number of months you choose, if you pay on time and the rate does not change. The last payment is adjusted so the balance does not go below zero. It is not a lender payoff quote.
- How does APR affect the financing?
- A higher APR raises the interest added each month and usually raises the payment. Total interest is the sum of those monthly charges. APR and total interest are different numbers. This calculator does not look up current auto loan rates.
- How does a down payment affect the loan?
- Cash you put down reduces the amount financed. It is separate from a trade-in allowance. If the cash, rebate, and trade equity cover the purchase, the loan is zero and any extra is reported instead of creating a negative balance.
- How does trade-in equity work?
- Equity is the trade-in allowance minus the loan still owed on that vehicle. Positive equity reduces the new amount financed. The gross trade-in value is not also counted as cash down.
- What does negative equity mean?
- Negative equity means the payoff is larger than the allowance. You can roll that shortfall into the new loan or pay it in cash. The page states which one the scenario uses. It is counted once.
- How do 60-month and 72-month loans compare?
- A longer term usually lowers the monthly payment and raises total interest. The comparison uses the same vehicle price, tax, trade, and APR. A lower payment is not treated as the cheaper way to buy the vehicle.
- What is included in the total cost?
- Total cost is the vehicle price, loan interest, sales tax, and title, registration, and other fees. Positive trade equity and a rebate reduce that total once. Negative equity is added once, either inside the loan or as cash due. The trade-in allowance is not added on top of the price. Upfront payment is the down payment that is applied, taxes and fees paid in cash, and any cash required to cover a trade shortfall. Total loan amount is the amount financed.
- What does Monthly Payment mode solve for?
- Total Price mode starts from the vehicle price and estimates the payment. Monthly Payment mode starts from a payment you choose and searches for the highest vehicle price whose contractual payment stays within that amount, using the same term, APR, tax, fees, rebate, down payment, and trade. If no price fits, the page does not invent one.
- How do extra payments reduce interest?
- Extra principal is applied to the remaining balance after the scheduled principal. The loan stops when the balance reaches zero. Interest saved and months saved come from that schedule, compared with the same loan without the extra principal.