Car Loan Calculator
Estimate your monthly car payment and total interest based on vehicle price, down payment, interest rate and loan term.
Calculate your car payment
Works for new or used vehicle financing.
Result
Formula used
Financed amount = Vehicle price − Down payment
Payment = L × r × (1+r)n ÷ ((1+r)n − 1)
How to use this calculator
- Enter the vehicle's price and your planned down payment.
- Enter the interest rate and loan term in months.
- Press Calculate to see your monthly payment and total cost.
FAQ
Frequently asked questions
How is a car loan payment calculated?
The vehicle price minus your down payment is financed as the loan principal, then the standard amortization formula calculates the fixed monthly payment over the loan term.
Does a bigger down payment lower my monthly payment?
Yes. A larger down payment reduces the financed principal, which lowers both the monthly payment and the total interest paid.
What if I pay entirely in cash?
If the down payment equals the vehicle price, there is no loan, so the monthly payment and interest are both zero.
Does this include taxes or fees?
No. This calculator estimates financing on the vehicle price you enter — add any taxes or fees to the price first if you want them included.