Money & Finance
Auto Loan Payment Calculator
Estimate your monthly car payment, total interest, and how extra payments can shorten the loan.
How it works
Behind the numbers
Enter the vehicle price, down payment, trade-in value and any amount you still owe on it, sales tax, fees, APR, and the loan term. The calculator builds your loan amount from those numbers, then applies the standard amortization formula: M = P x r(1+r)^n / ((1+r)^n - 1), where r is the monthly interest rate (APR divided by 12) and n is the number of payments.
The extra payment box reruns the whole loan month by month with your added amount. Every extra dollar goes to the principal, so the balance shrinks faster and interest accrues on a smaller number each month. You see the total interest saved and how many months sooner the loan ends.
A longer term lowers the monthly payment and raises the total interest; a shorter term does the opposite. The comparison table lines up 36, 48, 60, 72, and 84 month versions of your loan so you can see that trade-off directly. All figures are estimates for planning, not loan offers.
FAQ
Questions, answered
How much is a monthly car payment?
It depends on the loan amount, the APR, and the term. As an example, a $30,000 loan at 7% APR over 60 months works out to about $594 per month before any trade-in, tax, or fees. Put your own numbers in the calculator above for a payment estimate.
Does a trade-in lower my car loan?
Yes. The trade-in value reduces the amount you need to finance, and sales tax is figured on the price minus the trade-in value in most states. But if you owe more on the old car than it is worth, the difference gets added to your new loan, which raises the principal.
Is a shorter or longer car loan better?
A shorter term raises the monthly payment and cuts the total interest; a longer term lowers the monthly payment and raises the total interest. The 36 to 84 month comparison table on this page shows both sides for your numbers so you can decide which cost matters more to you.
Does paying extra on a car loan save interest?
Yes. In a standard amortizing loan, any payment above the scheduled amount reduces the principal, so less interest accrues in the months after. The extra payment simulation shows the dollars saved and how many months sooner the loan is paid off.
How do I know what car payment I can afford?
Start with the monthly payment you are comfortable with. The affordability section on this page reverses the payment formula: given your target payment, APR, and term, it shows the loan amount that payment buys, before tax and fees. A down payment or trade-in stretches it further.