Auto Loan Calculator

Estimate the monthly payment on a car loan and see how much interest the financing adds over the life of the loan. Enter the amount you're financing after any down payment or trade-in, then see how extra payments can pay the loan off early.

Amortization schedule

Show monthly

Period	Principal	Interest	Balance

How it works

A car loan is a fixed-rate amortizing loan:

M = P × [ r(1 + r)ⁿ ] / [ (1 + r)ⁿ − 1 ]

P = amount financed (price − down payment − trade-in)
r = monthly rate (APR ÷ 12)
n = months in the term

Worked example

Finance $30,000 over 5 years at 7%:

Monthly payment ≈ $594
Total interest ≈ $5,640

How we check this calculator

The loan math is the same annuity formula as our general Loan Calculator and is validated the same way (zero final balance, interest reconciliation to the cent). Auto-specific inputs — trade-in value, sales tax applied to the taxable price, and fees rolled into the amount financed — are checked with hand-worked examples so that changing any one input moves the payment exactly as the formula predicts.

Frequently asked questions

How do extra payments pay off a car loan early?

Any amount you pay above the scheduled payment goes straight to the principal, which shrinks the balance and every future interest charge. Even an extra $50–$100 a month can shorten the term by months and cut hundreds in interest — just check your agreement for a prepayment penalty first.

What should I include in the loan amount?

Enter the price of the car minus your down payment and any trade-in credit, plus any taxes or fees you're rolling into the loan. That's the amount actually financed.

Is a longer car loan a good idea?

Longer terms (72–84 months) lower the monthly payment but cost more interest and risk leaving you 'underwater' — owing more than the car is worth. Shorter terms are cheaper overall.

Does my credit score affect the rate?

Yes. A higher credit score typically earns a lower APR, which meaningfully reduces both your payment and total interest. Get pre-approved to compare real offers.