HandyCarTools

Car Loan Calculator

Estimate your monthly car payment, total interest and total cost from the price, down payment, rate and term.

Estimated monthly payment

$592.62/mo

Amount financed
$30,000.00
Total interest
$5,557.29
Total cost
$40,557.29

Estimate only. Total cost includes your down payment and all monthly payments; it excludes fees, insurance and registration. Confirm exact terms with your lender.

How to use this calculator

Enter the vehicle price, your down payment and any trade-in value. Add your sales tax rate and the interest rate (APR) your lender quoted, then choose a loan term. The result updates instantly with your monthly payment, the amount financed, the total interest and the total cost.

Try a few terms side by side: a longer term lowers the monthly payment but you pay more interest overall. Increasing the down payment lowers both.

Frequently asked questions

How is a car loan monthly payment calculated?
The payment is the amount financed (price plus tax, minus down payment and trade-in) spread over the loan term at the monthly interest rate. The formula is P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n is the number of months.
What is a good interest rate on a car loan?
Rates depend on your credit score, the loan term and whether the car is new or used. New-car rates are usually lower than used. Enter different rates above to see how much each one changes your monthly payment and total interest.
Does a longer loan term lower my payment?
Yes — a longer term (72 or 84 months) lowers the monthly payment but increases the total interest you pay. A shorter term costs more per month but less overall. Compare terms above to find the balance that fits your budget.
Should I put more money down?
A larger down payment reduces the amount financed, which lowers both your monthly payment and the total interest. It also reduces the risk of owing more than the car is worth early in the loan.

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