Estimate your monthly car payment and the total cost of the loan, with options for a down payment, trade-in, sales tax, fees and an extended warranty.
Basic Car Loan Calculation
Detailed Car Financing Analysis
Advanced Car Loan Strategy & Comparison
What this car loan calculator does
- Basic: car price, down payment, term (24 to 84 months) and interest rate to the monthly payment, total interest and total cost.
- Intermediate: adds a trade-in, sales tax, other fees and an extended warranty, and shows the amount financed.
- Advanced: adds an extra monthly payment, an annual depreciation rate and your monthly income, with a schedule that also tracks the car’s value.
How it is calculated
The amount financed is the price (plus tax, fees and warranty in the Intermediate tab) minus your down payment and trade-in. The payment uses the standard loan formula with the monthly interest rate and the number of months. In the Intermediate tab, sales tax is charged on the price minus your trade-in, which is how some regions treat trade-ins, so enter your own tax rate and check local rules.
Worked examples: a $30,000 car with $5,000 down over 60 months at 6% has a payment of about $483 and $3,999 of interest, $33,999 in total. With $3,000 down, a $5,000 trade-in, 7% tax on the price minus the trade-in ($1,750), $500 of fees and a $1,000 warranty, you finance $25,250, about $488 a month. In the Advanced tab, financing $22,000 and paying $100 extra a month clears the loan in 48 months and saves about $772 in interest; at $5,000 of monthly income the payment is 10.5% of income.
Things to keep in mind
Depreciation and affordability figures are illustrations. A longer term lowers the monthly payment but increases total interest. If your down payment and trade-in cover the whole price, the calculator tells you no loan is needed. These results are estimates for general information only and are not financial, tax, investment or legal advice. Real products have fees, rules and rates that differ, so check the details with your lender, provider or a qualified adviser.
Frequently asked questions
Is a longer loan term a good idea?
It lowers the monthly payment but you pay more interest overall, and you may owe more than the car is worth for longer.
Does the calculator include insurance?
No. Insurance, fuel and maintenance are not included.
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