Car Payment Calculator
Find the monthly car payment on a new or used auto loan, with your down payment, trade-in, sales tax and fees, and see the total interest you will pay.
The agreed price, after any discount or rebate.
The state and local rate on a vehicle purchase. Your dealer can tell you the rate.
Title, registration and dealer fees, if you finance them.
If your offer lists an interest rate and an APR, use the interest rate; the APR also counts fees.
Monthly car payment
$675.22
60 payments on $34,100.00 financed; the last one is $675.27.
| Vehicle price | $35,000.00 |
|---|---|
| Sales tax (6%) | +$2,100.00 |
| Down payment | −$3,000.00 |
| Amount financed | $34,100.00 |
| Total interest7% for 60 months | +$6,413.25 |
| Total of all payments | $40,513.25 |
| With the down payment | $43,513.25 |
Payments by year
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $8,102.64 | $2,200.01 | $5,902.63 | $28,197.37 |
| 2 | $8,102.64 | $1,773.31 | $6,329.33 | $21,868.04 |
| 3 | $8,102.64 | $1,315.76 | $6,786.88 | $15,081.16 |
| 4 | $8,102.64 | $825.12 | $7,277.52 | $7,803.64 |
| 5 | $8,102.69 | $299.05 | $7,803.64 | $0.00 |
This is an estimate to help you plan, not financial advice. Your bank, lender or plan may round, time or charge things differently.
How this is calculated
Your car payment depends on how much you borrow, the rate and the term. The amount of the auto loan is the price + sales tax + fees you finance − down payment − trade-in value + what you still owe on the trade-in. The monthly payment is then figured like any fixed-rate loan, with the yearly rate divided by 12, and rounded to the cent.
Example: a $35,000 car, $3,000 down, a trade-in worth $8,000, 6% sales tax on the price minus the trade-in ($1,620) and $500 in fees. The amount financed, which is the auto loan, comes to $26,120. At 7% for 60 months the car payment is $517.21 a month, and the interest adds up to $4,912.41.
Sales tax and the trade-in. Whether a trade-in lowers the taxed price is decided by state law. Two examples from the state tax agencies: in Texas, motor vehicle tax is due on the price minus the trade-in's value (its value, not your equity in it), according to the Texas Comptroller. In California, the trade-in is not deducted, and tax is figured on the full selling price, according to the CDTFA. In the example above, taxing the full price would add $480. Check the rule for your state with its revenue or motor vehicle agency.
Owe more than the trade-in is worth? The difference (negative equity) is added to the new auto loan, so you pay interest on the old car too. The calculator shows a warning when that happens.
Use the interest rate from your loan offer. The APR also includes loan fees and is the number to compare lenders with, according to the Consumer Financial Protection Bureau. Insurance, registration renewals and extended warranties you pay separately are not part of the car payment here.
Car payment per $10,000 financed
| Term | 5% | 7% | 9% | 12% |
|---|---|---|---|---|
| 36 months | $299.71 | $308.77 | $318.00 | $332.14 |
| 48 months | $230.29 | $239.46 | $248.85 | $263.34 |
| 60 months | $188.71 | $198.01 | $207.58 | $222.44 |
| 72 months | $161.05 | $170.49 | $180.26 | $195.50 |
| 84 months | $141.34 | $150.93 | $160.89 | $176.53 |
Sources
Checked against the sources below on .
Questions people ask
How is a car payment calculated?
Take the amount of the auto loan (price, tax and financed fees, minus down payment and trade-in) and spread it over the term with the loan formula. $26,120 at 7% for 60 months is $517.21 a month.
How much is a car payment on a $30,000 auto loan?
At 7%, $594.04 a month over 60 months or $511.47 over 72 months. The longer loan costs $1,184 more in interest.
Is sales tax charged before or after the trade-in?
It depends on the state. Texas taxes the price minus the trade-in's value; California taxes the full price. Ask your state's revenue or motor vehicle agency, or check the dealer's figures.
What happens if I owe more on my trade-in than it's worth?
The difference is added to your new auto loan. If the trade-in is worth $8,000 and you owe $11,000, $3,000 goes onto the new loan and you pay interest on it.
Is a 72- or 84-month car loan a good idea?
The car payment is lower, but you pay more interest. $10,000 at 7% costs $1,880.75 in interest over 60 months and $2,677.77 over 84 months.
Should I use the APR or the interest rate?
Use the interest rate for the payment. The APR adds loan fees to the rate, which makes it the better number for comparing auto loan offers.