Auto Loan Calculator
Calculate your monthly car payment, total interest, and total cost for any auto loan.
Monthly Payment
—
Principal
—
Total Interest
—
Total Cost
—
What is Auto Loan Calculator?
An auto loan calculator helps you estimate your monthly car payment based on the vehicle price, down payment, loan term, and interest rate. It also shows the total amount paid and total interest over the life of the loan, helping you compare financing offers before visiting a dealership.
How to use
- 1 Enter the vehicle purchase price.
- 2 Enter your down payment amount.
- 3 Enter the annual interest rate quoted by your lender.
- 4 Select the loan term in months.
- 5 Monthly payment, total paid, and total interest appear instantly.
Formula
Example calculation
A $30,000 car with $5,000 down, 6.9% APR, 60-month term: P = $25,000, r = 0.575%, n = 60. Monthly payment ≈ $493. Total paid ≈ $29,580. Total interest ≈ $4,580.
Frequently asked questions
What is a good interest rate for an auto loan?
Rates vary by credit score and lender. In 2025–2026, rates for new cars with excellent credit typically range from 5–8%. Used car rates run 1–3% higher. Always compare multiple lenders and check credit union rates.
Should I put more money down?
A larger down payment reduces your monthly payment, total interest, and the risk of being 'upside down' (owing more than the car is worth). Aim for at least 10–20% down.
Is a longer loan term better?
A longer term lowers monthly payments but increases total interest paid. A 72-month loan on the same car costs significantly more than a 48-month loan.
What is GAP insurance?
GAP insurance covers the difference between your loan balance and the car's actual cash value if it's totaled. It's most useful in the first years of a long loan with a small down payment.
Does this calculator include taxes and fees?
No. Add sales tax, registration fees, and dealer fees to the vehicle price for a more accurate loan amount, as these are often rolled into the financed amount.