Auto Loan Calculator
Calculate your monthly car payment and total cost for any auto loan.
$
$
%
Monthly Payment
$594
for 60 months at 7%
How to Use the Auto Loan Calculator
Enter the car price, your down payment, the APR, and the loan term. The calculator shows your monthly payment, total interest, and total cost of the vehicle.
Auto Loan Formula
M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1]
P = price − down payment · r = APR ÷ 12 · n = months
P = price − down payment · r = APR ÷ 12 · n = months
Monthly Payment by Term ($30,000 loan at 7%)
| Term | Monthly | Total Interest |
|---|---|---|
| 36 months | $927 | $3,369 |
| 48 months | $719 | $4,498 |
| 60 months | $594 | $5,641 |
| 72 months | $510 | $6,796 |
Disclaimer: Estimates only, not financial advice. Actual rates vary by lender and credit score.
Frequently Asked Questions
How is an auto loan payment calculated?
Auto loans use the same amortization formula as any fixed-rate loan: M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly rate, and n is the number of months.
What is a good interest rate for a car loan?
Rates vary by credit score and term. In 2025, typical new car rates range from 5–9% for good credit, while used cars may be 1–3% higher. Excellent credit can get rates below 5%.
Should I put money down on a car?
A down payment of 10–20% reduces your loan amount, monthly payment, and total interest. It also helps avoid being 'underwater' on the loan.
What loan term should I choose?
Shorter terms (36–48 months) mean higher payments but far less interest. Longer terms (60–72 months) lower payments but cost significantly more over time. Avoid terms over 72 months.
Does this calculator include taxes and fees?
No. This calculator shows principal and interest only. Add sales tax, registration, and dealer fees to your loan amount for a complete picture.