Money
Auto loan calculator
Enter the car price and how you plan to pay. Sales tax is a rate you enter, since it depends on where you register the car.
- Price after down and trade$28,000.00
- Tax and fees$2,420.00
- Interest$5,721.15
Amortization schedule by year
| Year | Principal | Interest | Ending balance |
|---|---|---|---|
| 1 | $5,265.61 | $1,962.59 | $25,154.39 |
| 2 | $5,646.27 | $1,581.93 | $19,508.12 |
| 3 | $6,054.41 | $1,173.79 | $13,453.71 |
| 4 | $6,492.09 | $736.11 | $6,961.62 |
| 5 | $6,961.62 | $266.78 | $0.00 |
What this means
- You would finance $30,420.00 and pay $602.35 a month for 60 months.
- Interest adds $5,721.15 over the loan.
- Insurance, fuel, and upkeep are not included.
What if
About this calculator
What this calculator does
It estimates the monthly payment on a car loan. It adds sales tax and fees, subtracts the down payment and trade-in, and amortizes the rest at a fixed rate.
How it is calculated
taxable price = price - trade-in (if your area allows it)
financed = price + tax + fees - down payment - trade-in
payment = financed * i / (1 - (1 + i)^-n)
i is the APR divided by 12 and n is the number of months. At 0% APR the payment is the amount financed divided by n.
How to read the result
The payment covers principal and interest. Total cost of the car adds the down payment and trade-in to everything you pay on the loan.
Sources and method
Standard fixed-rate amortization: M = P * r * (1 + r)^n / ((1 + r)^n - 1) with r as the annual rate / 12. Totals use the unrounded payment, then round to the cent. Unit tests check published worked examples. Sales tax uses the rate you enter; this site has no tax tables.
Questions
Does the trade-in reduce sales tax?
In many places it does, but not everywhere. Use the toggle to match your local rule.
Should I finance the fees?
Financing fees adds interest on them. Paying them up front lowers the amount financed.
Is a longer term cheaper?
The monthly payment is lower, but you usually pay more interest overall.
What if I owe money on my trade-in?
Enter the trade-in value minus what you still owe. If you owe more than it is worth, add the difference to fees.