AUTO CALCULATOR
Car Payment Calculator
Estimate your monthly car payment and total vehicle financing costs based on the vehicle price, down payment, trade-in value, sales tax, interest rate, and loan term.
Car payment breakdown
This calculator provides an estimate. Actual vehicle costs may vary based on lender fees, registration, insurance, dealer fees, taxes, incentives, and other charges. Sales tax treatment also varies by location.
How to Use the Car Payment Calculator
Enter the vehicle price, down payment, trade-in value, sales tax rate, annual interest rate, and loan term. The calculator estimates your monthly payment and shows how much you will pay toward principal and interest.
What Does the Car Payment Calculator Calculate?
- Estimated monthly car payment
- Amount financed
- Total interest
- Sales tax
- Total loan payments
- Estimated total vehicle cost
How Is a Car Payment Calculated?
The calculator first estimates the amount financed by adding sales tax to the vehicle price and subtracting the down payment and trade-in value.
The resulting loan amount is then used with the annual interest rate and loan term to calculate the estimated monthly payment.
Car Payment Example
Suppose you purchase a $35,000 vehicle, make a $5,000 down payment, have a $0 trade-in, and pay 6% sales tax. With a 7% APR and a five-year loan, the calculator estimates your monthly payment and total financing costs.
How Does a Down Payment Affect Your Car Payment?
A larger down payment reduces the amount you need to finance. This can lower your monthly payment and may also reduce the total interest paid over the life of the loan.
Frequently Asked Questions
Does a trade-in reduce the amount financed?
Yes. In this calculator, the trade-in value is subtracted from the vehicle price before calculating the estimated amount financed.
Does the calculator include sales tax?
Yes. You can enter an estimated sales tax rate. Actual tax treatment varies depending on your location and vehicle purchase.
Does a longer car loan lower the monthly payment?
A longer loan term generally lowers the required monthly payment, but it can result in more interest paid over the life of the loan.
Does this include insurance and registration?
No. Insurance, registration, dealer fees, maintenance, fuel, and other ownership costs are not included in the estimated payment.