Auto Loan Calculator
Work out the monthly payment and total interest on a fixed-rate car loan.
An auto loan calculator turns the vehicle price, your down payment and the loan's rate and term into a fixed monthly payment. On a $35,000 car with $5,000 down, you finance $35,000 - $5,000 = $30,000. At 7% over 5 years the payment is $594.04, and 60 x $594.04 = $35,642 over the loan, so about $5,642 of it is interest. Change the term or rate to compare offers.
This calculator is for general education, not financial advice, and it is not a quote from a dealer or lender. It assumes a fixed rate, equal monthly payments and interest charged at the annual rate divided by 12, and it leaves out sales tax, registration, dealer fees and any add-ons unless you include them in the price. Your lender's disclosures and contract are the final figures.
Estimated monthly payment
$594.04
Principal vs. interest paid per year
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $5,193 | $1,935 | $24,807 |
| 2 | $5,568 | $1,560 | $19,239 |
| 3 | $5,971 | $1,158 | $13,268 |
| 4 | $6,403 | $726 | $6,865 |
| 5 | $6,865 | $263 | $0 |
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About the Auto Loan Calculator
A car loan is a fixed-rate installment loan: you borrow the price of the vehicle minus what you put down, and repay it in equal monthly payments over a set number of months. Each payment covers that month's interest first, charged at the annual rate divided by 12 on the balance still owed, and the rest reduces the balance. That is why the schedule shows more interest in the early months and more principal near the end. Three numbers drive the payment: the amount financed, the APR and the term. The term is the easiest lever to stretch, because a longer loan lowers the monthly figure. It also keeps the balance high for longer, so you pay interest on more money for more months. Using the default figures, the same $30,000 at 7% over 6 years drops the payment to $511.47, while 72 x $511.47 = $36,826 in total, roughly $1,184 more than the 5-year loan. Cars also lose value quickly, and a long term can leave you owing more than the car would sell for. Enter the out-the-door price, meaning the total including tax and fees, from a dealer or lender quote so offers compare on the same basis.
Frequently asked questions
How is a car loan payment worked out?+
The calculator spreads the amount financed over the number of monthly payments, so each payment is the same amount, with interest each month at the annual rate divided by 12 on the remaining balance. Early payments carry more interest and later ones more principal, which the schedule shows month by month.
Should my trade-in go in the down payment field?+
Yes. Enter everything you put toward the price: cash down plus the trade-in value. If you still owe money on the car you are trading in, subtract that balance from its value first, because any balance still owed on the old loan usually rolls into the new one. If you owe more than the trade-in is worth, enter 0 here and add that shortfall to the vehicle price instead.
Is a longer car loan more expensive?+
At the same rate, yes. The monthly payment falls, but the balance shrinks more slowly, so the total interest rises. In the example on this page, moving from 5 years to 6 lowers the payment and adds roughly $1,184 in interest.
What does this calculator leave out?+
It covers principal and interest only. Sales tax, title and registration, dealer fees and any add-ons such as an extended warranty are not included unless you add them to the vehicle price because you are financing them. Your loan contract shows the final figures.
Embed this calculator
Free to use on your own site. Paste this snippet where you want the auto loan calculator to appear — it resizes itself automatically.
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</script><a href="https://manytools.co/finance/auto-loan-calculator">Auto Loan Calculator by ManyTools</a>