Car Loan Calculator
Estimate your monthly car payment based on vehicle price, down payment, trade-in value, interest rate, and loan term. See the full cost breakdown including total interest paid.
Price before down payment and trade-in
Amount to pay upfront
Optional trade-in value
Local sales tax rate (0-10%)
Annual percentage rate
Total loan duration
Monthly Payment
$586.98
for 60 months
Payment Breakdown
Loan Amount
$30,000.00
Principal financed (vehicle price - down payment - trade-in + tax)
Total Interest Paid
$5,219.07
Interest cost over loan term
Total Cost of Loan
$35,219.07
Total amount paid over loan term (monthly payment × number of months)
Note: This calculator provides estimates based on standard amortization. Actual payments may vary due to fees, insurance, registration, and other lender-specific charges.
How to Use
Enter the vehicle price, your down payment amount, and any trade-in value. Set the interest rate (APR) and choose a loan term in months. The calculator instantly shows your estimated monthly payment, total interest, and full cost of the loan. Adjust the term length to see how it affects your payment and total cost.
Formula
Where M is the monthly payment, P is the loan principal (price minus down payment and trade-in, plus tax), r is the monthly interest rate (APR/12), and n is the number of monthly payments. For example, a $30,000 loan at 6% APR for 60 months gives a monthly payment of $579.98.
Frequently Asked Questions
- What is a good interest rate for a car loan?
- As of 2026, good car loan rates range from 4-7% for new cars and 5-9% for used cars, depending on your credit score. Excellent credit (750+) qualifies for the lowest rates. Credit unions often offer better rates than dealership financing.
- Should I choose a longer or shorter car loan?
- Shorter loans (36-48 months) have higher monthly payments but save thousands in interest. A 60-month loan on $30,000 at 6% costs $3,800 more in interest than a 36-month loan. Only extend to 60+ months if you need the lower payment to stay within budget.
- How much should I put down on a car?
- Aim for at least 20% down on a new car and 10% on a used car. A larger down payment reduces your loan amount, monthly payment, and total interest. It also helps avoid being "upside down" (owing more than the car is worth) as the vehicle depreciates.