Car loancalculator.
Estimate your monthly car payment, total interest and total cost from the price, down payment, trade-in, interest rate and term.
How car loan payments work
Your monthly payment is the financed amount (price plus tax, minus your down payment and trade-in) spread over the term, with interest added each month. A longer term lowers the monthly payment but increases the total interest you pay.
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Questions, answered.
How is a car payment calculated?
It uses the loan amount, interest rate and term in a standard amortization formula. Longer terms mean lower payments but more total interest.
Does a bigger down payment lower my payment?
Yes. A larger down payment (or trade-in) reduces the amount financed, which lowers both your monthly payment and total interest.
Should I choose a longer term?
A longer term lowers the monthly payment but costs more in interest overall. Pick the shortest term you can comfortably afford.