Introduction
This auto loan calculator shows you what a car loan will cost each month. Type in your loan amount, your loan term, and your interest rate. The tool does the math right away.
You get your monthly payment, the total interest you will pay, and the full cost of the loan. You can also see a month-by-month payment schedule and a chart that tracks your balance as it drops. If you want a plain, lender-neutral version of the same math, try our Auto Loan Calculator or the general Loan Payment Calculator.
Not sure how much you need to borrow? Use the Loan Amount Builder. Add your car price, then take out your down payment, trade-in value, and any rebates. Add back what you still owe on your trade-in. The tool adds it all up for you. A Trade In Value Calculator and a Down Payment Calculator can help you fill in those two boxes.
Pick your state too. Most states have a $7,500 minimum loan amount. In Minnesota, it is $8,000.
Try different terms and rates to see how they change your payment. A longer term lowers your monthly bill but costs more interest over time. These numbers are estimates, so your real loan offer may be a bit different. Before you sign, check what you can comfortably afford with the Car Affordability Calculator and the DTI Calculator.
How to Use Our Auto Loan Calculator
Enter your loan amount, loan term, interest rate, and state. The calculator shows your estimated monthly car payment, total interest, total loan cost, a chart, a step-by-step solution, and a full amortization schedule. For a deeper look at the payment split by month, see the Car Loan Amortization Calculator.
Loan amount entry mode: Pick Direct Entry if you already know how much you need to borrow. Pick Loan Amount Builder if you want the calculator to figure it out from your car deal.
Total Loan Amount: Type the amount you plan to finance. The lowest amount is $7,500 ($8,000 in Minnesota) and the highest is $1,000,000.
Car Price: In builder mode, type the price of the car. This amount is added. If you are buying used, the Used Car Value Calculator helps you sanity-check the sticker price.
Trade-In Value: Type what the dealer will give you for your old car. This amount is subtracted.
Amount Owed on Trade-In: Type what you still owe on your old car loan. This amount is added. Use the Auto Loan Payoff Calculator to find your current payoff balance.
Down Payment: Type the cash you will pay up front. This amount is subtracted.
Cash Rebates & Incentives: Type any rebates or deals from the dealer or maker. This amount is subtracted. Then click Update Total to send the result to the loan amount box.
Loan Term: Type how long you will pay off the loan, then choose Months or Years. You can also drag the slider. The term must be 12 to 84 months.
Annual Interest Rate (%): Type the rate on your loan offer, like 6.49. The rate must be between 0% and 35%. If your offer lists fees instead of a clean rate, the APR Calculator shows the true borrowing cost.
Your State: Click the button and pick your state. This sets the smallest loan amount allowed and the notes shown with your results. Remember that state charges like sales tax and DMV fees are handled separately.
Calculate My Payment: Click this to see your monthly payment and full results. Click Reset to start over with the default values.
What Is an Auto Loan?
An auto loan is money a bank lends you to buy a car. You pay it back in equal monthly payments over a set number of months. Each payment covers two things: part of the money you borrowed (the principal) and the cost of borrowing it (the interest). The same fixed-payment math drives a personal loan, a mortgage, and a student loan.
The Parts of a Car Loan
- Loan amount: The money you actually finance. This is the car price minus your down payment, trade-in value, and any rebates. If you still owe money on your trade-in, that amount gets added back on.
- Loan term: How many months you have to pay. Most car loans run 48, 60, or 72 months.
- Interest rate: The yearly percent the bank charges you. A better credit score usually means a lower rate. See how a small rate change moves your payment with the Loan Interest Rate Calculator.
- APR: The rate plus certain fees. It is a little higher than the plain interest rate, so it shows the true cost better.
How Monthly Car Payments Work
Interest is charged on what you still owe. Early on, most of your payment goes to interest and only a little goes to the loan balance. As the balance drops, more of each payment goes to principal. This slow shift is called amortization. The payment stays the same each month, but the split changes. Our Amortization Calculator and Car Interest Calculator break that split down further.
Short Term vs. Long Term
A longer loan makes the monthly payment smaller, but you pay interest for more years. That means more total money out of your pocket. A shorter loan costs more each month but saves you a lot of interest. A bigger down payment lowers both your payment and your total interest. Adding a little extra each month helps too, and the Extra Payment Calculator shows how much sooner you would be free of the loan. If you already have a loan at a high rate, compare it against a new offer with the Auto Refinance Calculator.
Things to Know Before You Borrow
Banks set rules on car loans. The smallest amount you can finance is often $7,500, or $8,000 in Minnesota. Lenders also look at the car's age and mileage, your credit, and your income. Sales tax, title, and registration fees are not always part of the loan amount, so ask your dealer what is included. Getting pre-approved before you shop helps you know your budget and gives you a rate to compare against dealer offers. It also pays to weigh buying against leasing with the Car Lease Calculator, to plan for resale value using the Car Depreciation Calculator, and to price out ongoing costs like insurance and fuel. Comparing offers from other lenders? See the Navy Federal Auto Loan Calculator and the USAA Auto Loan Calculator.