Auto loan calculator
Your car payment with sales tax, trade-in and fees included, and what the car really costs by the time it's paid off.
Monthly payment
$642.76
- Vehicle price
- $35,000.00
- Sales tax
- +$2,100.00
- Fees
- +$0.00
- Down payment and trade-in
- −$5,000.00
- Trade-in payoff
- +$0.00
- Amount financed
- $32,100.00
- Total interest
- $6,465.70
- Total of payments
- $38,565.70
- Total cost of the car
- $43,565.70
- Paid off
- Oct 2031
Estimates for planning, not financial advice. Dealer financing terms vary.
What goes into a car loan
You borrow the amount financed: the price plus sales tax and fees, minus your down payment and trade-in. If you still owe money on the car you're trading in, the dealer pays that off and adds it to the new loan. Owing more than the old car is worth is called negative equity, and it means paying interest on a car you no longer have.
Most states charge sales tax only on the price minus your trade-in, which makes trading in worth more than selling privately. A few charge tax on the full price; switch the option above to see the difference.
Longer loans cost more
Stretching a loan from 60 to 72 or 84 months lowers the payment but adds interest, and lenders usually charge a higher rate for longer terms too. Cars also lose value quickly, so on a long loan you can owe more than the car is worth for years. Try a shorter term and compare the total interest.
How this calculator works
The payment uses the standard fixed-rate formula, and the schedule is amortized month by month with interest rounded to the cent, as on every Money Anvil calculator. Sales tax is the rate times the taxable price, rounded to the cent. The methodology page has the details.
Questions
What interest rate should I use?
The calculator starts with the Federal Reserve's latest average rate on 48-month new car loans at commercial banks. Used cars, longer terms and lower credit scores usually cost more, so use a pre-approval or a dealer quote when you have one.
Should I put more money down?
A bigger down payment lowers the payment and the interest, and makes it less likely you'll owe more than the car is worth. Many buyers aim for about 20% on a new car.
Is my information saved or sent anywhere?
No. Everything is calculated in your browser. The numbers appear in the page address only so you can bookmark or share a result.