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Auto Loan Calculator

Calculate your monthly car payment with trade-in value, sales tax, fees, and a full amortization schedule.

Vehicle & Financing

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Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]
  • M = Monthly payment
  • P = Loan amount (price − trade-in − down + taxes/fees if included)
  • r = Monthly rate (APR ÷ 12)
  • n = Loan term in months
Monthly Payment
$475.12
Loan Amount
$24,000.00
Total Interest
$4,506.93
Total of Payments
$28,506.93

Cost Breakdown

Vehicle Price$32,000.00
Sales Tax$1,957.50
Other Fees$1,500.00
Trade-in Value− $5,000.00
Down Payment− $3,000.00
Total Loan Amount$24,000.00
Total of 60 Payments$28,506.93
Total Interest Paid$4,506.93

Principal vs. Interest by Year

Yr 1Yr 2Yr 3Yr 4Yr 5$0k$2k$3k$5k$6k
  • Principal
  • Interest

Total Cost Composition

  • Loan Principal
  • Total Interest
  • Down + Trade-in
  • Tax & Fees

Amortization Schedule

YearInterestPrincipalEnding Balance
Year 1$1,546.15$4,155.23$19,844.77
Year 2$1,246.21$4,455.17$15,389.59
Year 3$924.62$4,776.76$10,612.83
Year 4$579.82$5,121.57$5,491.26
Year 5$210.13$5,491.26$0.00

How to Use This Auto Loan Calculator

Enter the vehicle price, any trade-in value, down payment, local sales tax rate, additional fees, APR, and loan term. The calculator instantly shows your monthly payment, total interest paid, and a full amortization schedule. Toggle Include taxes & fees in loan if those costs are rolled into the financed amount.

Dealership vs. Direct Lending

Direct lending — securing a loan from a bank or credit union before visiting the dealership — gives you negotiating leverage. Dealer financing may be more convenient but often carries a higher APR. Getting pre-approved lets you comparison-shop and walk away if the deal isn't right.

Trade-In Value & Sales Tax

In most states, sales tax is calculated on the price after subtracting trade-in value — saving you money. However, states like California, Maryland, and Virginia charge tax on the full purchase price regardless of trade-in. This calculator applies the tax credit by default.

Typical Auto Loan Fees

  • Document Fee — Dealer paperwork fee, typically $100–$500
  • Title & Registration — State-mandated, varies by state
  • Destination Fee — Shipping from factory, usually $900–$1,500
  • Advertising Fee — Regional marketing cost, a few hundred dollars

Tips to Lower Your Payment

  • Larger down payment — Reduces principal and total interest
  • Shorter term — Higher monthly payment but far less interest overall
  • Better credit score — Can significantly reduce your APR
  • Shop rates — Compare at least 3 lenders before signing

Understanding Your Amortization Schedule

In the early months of your loan, most of each payment goes toward interest. As the principal balance decreases, more of each payment is applied to principal — this is called amortization. The annual schedule above shows this shift clearly: by the final year, nearly your entire payment reduces the principal balance. Making extra payments early in the loan term has the biggest impact on reducing total interest paid.