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Auto Loan Calculator
Estimate your monthly car payments, total interest, and tax costs accurately.
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Estimate your monthly car payments, total interest, and tax costs accurately.
Enter the price and loan terms.
Calculated for 60 months
Total Interest
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Est. Sales Tax
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Buying a vehicle is one of the most significant financial decisions for many households. Our Auto Loan Calculator helps you look beyond the monthly payment to see the total cost of ownership, accounting for sales tax, fees, trade-ins, and the long-term impact of interest rates.
Monthly Payment = [P × r × (1 + r)^n] / [(1 + r)^n - 1]We first calculate the true loan amount by adding taxes and fees to the price, then subtracting your down payment and trade-in. The monthly payment is then derived using standard amortization, where 'P' is the loan principal, 'r' is the monthly interest rate, and 'n' is the number of months.
This popular rule suggests: Put at least 20% down, finance for no more than 4 years (48 months), and keep your total monthly transportation costs (payment + insurance + gas) under 10% of your gross monthly income.
While 72+ month loans lower your monthly payment, they significantly increase your total interest paid. They also increase the risk of being 'upside down' (owing more than the car is worth) for years.
Your credit score is the biggest factor in your rate. A 'Super Prime' score (781+) might get 5-6% APR, while a 'Deep Subprime' score (<500) could see rates over 20%, drastically changing your monthly payment.
If you put less than 20% down, Gap Insurance is recommended. It covers the difference between your loan balance and the car's cash value if it gets totaled. Financing it adds a few dollars to your payment but protects you from a large surprise bill.
"Federal tax estimates are based on 2024 brackets. Consult a tax professional for official filing."