Auto Loan Calculator
See your true monthly payment, total interest and payoff — including tax, fees and trade-in.
How much will my monthly car payment be?
Your monthly payment is the amount financed spread over the term at your APR. On a $32,000 car with $4,000 down, 6% sales tax and a 7.5% APR over 60 months, you finance $29,920 and pay about $600 a month — roughly $6,052 in total interest across the loan.
Your numbers
Monthly payment
$600
over 60 months
Total interest
$6,052
Amount financed
$29,920
Insight — Stretching the term lowers the monthly payment but raises total interest. Try 48 vs 72 months to see the real cost of a longer loan.
Data behind the defaults
- 7.47%·Editorial estimate· as of 2026-07-17· medium confidence
These defaults are starting points from the sources above — every field is editable, and results are estimates, not quotes. All data sources →
What if Loan term changes?
| Loan term | Monthly payment |
|---|---|
| 36 mo | $931 |
| 48 mo | $723 |
| 60 mo · now | $600 |
| 72 mo | $517 |
| 84 mo | $459 |
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For context: published auto-finance industry data put the average new-car loan near $40,000 and the average used-car loan near $26,000, with terms commonly 60–72 months. Enter your own price, rate and term above for your payment.
How this calculator works
The calculator first works out what you actually borrow: vehicle price plus sales tax, minus your down payment and any trade-in. Sales tax is applied to the price after the CREDITABLE trade-in under your state's rule — most states deduct the full trade-in, but California, Virginia and Hawaii tax the full price and Michigan caps the credit at $12,000 in 2026; pick your rule with the trade-in tax credit selector. That financed amount is then run through standard fixed-rate loan amortization at your APR, producing a level monthly payment. Early payments are mostly interest and later ones mostly principal, but the payment itself stays the same. Total interest is simply the sum of all payments minus the amount you financed.
Formula
Monthly payment = financed amount × monthly rate ÷ (1 − (1 + monthly rate)^−months), where financed amount = price + sales tax − down payment − trade-in, and monthly rate = APR ÷ 12.
Worked example
$32,000 price + $1,920 sales tax (6%) − $4,000 down − $0 trade-in = $29,920 financed. At 7.5% APR the monthly rate is 0.625%. $29,920 × 0.00625 ÷ (1 − 1.00625^−60) ≈ $600/month. Over 60 payments that totals about $35,972, or roughly $6,052 of interest.
What affects your result
- →APR — every point higher raises both the payment and total interest
- →Loan term — a longer term lowers the monthly payment but increases total interest
- →Amount financed — price minus down payment and trade-in
- →Sales tax rate, applied after the creditable trade-in (full in most states; none in CA, VA and HI; capped in MI)
- →Down payment and trade-in, which both shrink what you borrow
What this estimate includes
- ✓Sales tax added to the financed balance
- ✓Down payment and trade-in reductions
- ✓Level monthly payment over the chosen term
- ✓Total interest and total of all payments
What it does not include
- ×Registration, title and dealer documentation fees
- ×Gap insurance, extended warranties and dealer add-ons rolled into the loan
- ×Insurance, fuel and maintenance costs
- ×Rate changes — it assumes one fixed APR and equal payments for the whole term
Good to know
Clear, practical answers about the auto loan calculator.
How is my monthly car payment calculated?＋
It uses standard loan amortization: the amount financed (price + sales tax − down payment − trade-in) is spread across the term at your APR. Early payments are mostly interest; later payments are mostly principal.
Does a longer loan term save me money?＋
No. A longer term lowers the monthly payment but increases total interest paid. A 72- or 84-month loan can cost thousands more than a 48- or 60-month loan on the same car.
What APR should I expect in 2026?＋
Rates depend heavily on credit score and lender. Buyers with strong credit often see rates several points below dealer financing — which is why comparing lenders before you sign typically saves the most.
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