Auto Loan Calculator
Here's the dealer's move: they negotiate the monthly payment while the finance office quietly makes its money on the term. Let's flip that. See your real payment, the total interest, and what the car actually costs — before you ever walk in.
Most states tax price minus trade-in — check yours.
Monthly payment
$690.31
Amount financed
$34,450
Total interest
$6,968
Total cost of the car
$44,418
Sales tax
$2,450
Paid off
July 2031
Year-by-year amortization schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $5,900 | $2,384 | $28,550 |
| 2 | $6,358 | $1,926 | $22,192 |
| 3 | $6,852 | $1,432 | $15,340 |
| 4 | $7,384 | $900 | $7,957 |
| 5 | $7,957 | $327 | $0 |
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How this is calculated
The amount financed = vehicle price + sales tax − down payment − trade-in equity (trade-in value minus anything you still owe on it). In most states, sales tax applies to the price minus your trade-in — check your state's rule.
The monthly payment uses the standard amortization formula: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount financed, r is APR ÷ 12, and n is the term in months.
Longer terms lower the payment but raise the total cost — and because cars depreciate faster than long loans amortize, 72–84-month terms usually mean years of owing more than the car is worth (being 'underwater'). That's why the calculator compares your term against 48 months.
Common questions
What's a good interest rate on a car loan?
Rates vary with credit score, term, and whether the car is new or used. The strongest move is getting pre-approved by a bank or credit union before visiting the dealer — then the dealer has to beat a real number instead of anchoring you to a payment.
Should I finance for 72 or 84 months?
The lower payment is real, but so is the cost: substantially more total interest and years of negative equity. If a car only fits your budget at 84 months, the honest math says it's more car than the budget supports.
Is it better to put money down or keep it?
A down payment of 10–20% shrinks the loan, lowers interest costs, and protects you from being underwater if you need to sell early. Zero-down deals shift all that risk to you.
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Educational tool only — estimates, not financial advice. Your numbers stay in your browser and are never sent to our servers.