Finance
Loan payment
Estimate monthly payments and total interest.
Calculators / Automotive / Car loan
Car loan calculator
Estimate monthly payments, the amount financed and interest on a fixed-rate car loan.
On this page
Monthly payment500
Amount financed24,000
Total interest0
Total loan payments24,000
Calculator controls
How to calculate
Estimate monthly payments, the amount financed and interest on a fixed-rate car loan.
Amount financed = price + financed fees − down payment − net trade equity. Payment = P × r / [1 − (1 + r)^(−n)], or P/n at zero interest.
Worked example
Vehicle cash price: 30000; Fees and taxes financed: 0; Cash down payment: 6000; Net trade-in equity (negative if owed): 0; Nominal annual interest (%): 0; Loan term (months): 48.
Monthly payment: 500 ; Amount financed: 24,000 ; Total interest: 0 ; Total loan payments: 24,000 .
Assumptions and limits
Fixed monthly interest and equal end-of-month payments. No balloon payment. APR is often defined to include fees; enter the nominal rate used for interest accrual and include financed fees separately.
Results are rounded for display; calculations use unrounded values. Read our calculation methodology.
Understanding the result
The monthly payment repays both principal and interest. Net trade equity is the trade-in allowance less the outstanding loan settlement; negative equity increases the new borrowing.
When this tool is useful
Compare a vehicle budget with a proposed down payment, trade-in and financing term.
Sources
Understanding your inputs
| Input | What to enter |
|---|---|
| Vehicle cash price | Enter a number of at least 0 and no more than 1000000000. |
| Fees and taxes financed | Enter a number of at least 0 and no more than 1000000000. |
| Cash down payment | Enter a number of at least 0 and no more than 1000000000. |
| Net trade-in equity (negative if owed) | Enter a number of at least -1000000000 and no more than 1000000000. |
| Nominal annual interest (%) | Enter a number of at least 0 and no more than 100. |
| Loan term (months) | Enter a number of at least 1 and no more than 1200. |
Frequently asked questions
Is this a lender quotation?
No. Payment timing, fee treatment, daily interest, balloon amounts and lender rounding can change the actual schedule. Compare the lender’s repayment schedule and total payable.
What if I still owe money on my trade-in?
Subtract that settlement from the trade allowance. Enter a negative result if the outstanding balance is larger than the allowance.