Car Loan Calculator — Monthly Payment & Total Interest

See what a car loan really costs. Enter the price, your down payment and trade-in, the APR, and the term in months — you’ll get the monthly payment, the total interest you’ll pay, and a year-by-year breakdown.

How this calculator works

The amount you finance is the price minus your down payment and trade-in. We apply the standard amortization formula — monthly payment = P·r ÷ (1 − (1+r)⁻ⁿ), where r is the monthly rate and n is the number of payments. The schedule shows how each year shifts from mostly interest to mostly principal.

What changes the number

A longer term lowers the monthly payment but raises total interest — and risks going “underwater” (owing more than the car is worth).
Your APR is driven by credit score, term, and whether the car is new or used. Even 1% changes the total noticeably.
Sales tax, title, registration, and dealer fees aren’t in the sticker price — add them in or finance them separately.

Frequently asked questions

What loan term should I choose?

Shorter is cheaper overall. 60 months is common; 72–84 month loans cut the payment but pile on interest and keep you underwater longer. A good rule: don’t finance longer than you plan to keep the car.

Does a bigger down payment help?

Yes — it lowers the amount financed, the monthly payment, and total interest, and it can keep you from owing more than the car is worth early on. Many advisors suggest at least 20% down on a new car.

Is the dealer’s monthly payment the real cost?

Not always. Dealers can lower the monthly by stretching the term, which raises total interest. Compare the total cost and APR, not just the monthly number.