Auto Loan & Car Payment Calculator
Monthly car payment, total interest and total cost from price, down payment, trade-in, sales tax, rate and term. Fees, registration and insurance are left out. How it works
Use the Auto Loan & Car Payment Calculator
About the Auto Loan & Car Payment Calculator
A $30,000 car with $5,000 down, 7% sales tax and a 60-month loan at 6.5% costs $530.24 a month. The amount financed is $27,100 ($30,000 + $2,100 of tax − $5,000), the interest is $4,714.58 and the total cost of the car is $36,814.58. The car payment calculator charges sales tax on the price after the trade-in.
Monthly payment per $10,000 financed
| Interest rate | 36 months | 48 months | 60 months | 72 months | 84 months |
|---|---|---|---|---|---|
| 4% | $295.24 | $225.79 | $184.17 | $156.45 | $136.69 |
| 5% | $299.71 | $230.29 | $188.71 | $161.05 | $141.34 |
| 6% | $304.22 | $234.85 | $193.33 | $165.73 | $146.09 |
| 7% | $308.77 | $239.46 | $198.01 | $170.49 | $150.93 |
| 8% | $313.36 | $244.13 | $202.76 | $175.33 | $155.86 |
| 9% | $318.00 | $248.85 | $207.58 | $180.26 | $160.89 |
| 10% | $322.67 | $253.63 | $212.47 | $185.26 | $166.01 |
Amount financed after tax, down payment and trade-in. For $27,100 multiply by 2.71, give or take a cent of rounding.
Total interest per $10,000 financed
| Interest rate | 36 months | 48 months | 60 months | 72 months | 84 months |
|---|---|---|---|---|---|
| 4% | $628.63 | $837.91 | $1,049.88 | $1,264.52 | $1,481.78 |
| 5% | $789.54 | $1,054.11 | $1,322.74 | $1,595.56 | $1,872.47 |
| 6% | $951.88 | $1,272.82 | $1,599.68 | $1,932.48 | $2,271.13 |
| 7% | $1,115.76 | $1,494.22 | $1,880.75 | $2,275.27 | $2,677.77 |
| 8% | $1,281.13 | $1,718.19 | $2,165.92 | $2,624.00 | $3,092.48 |
| 9% | $1,447.88 | $1,944.83 | $2,455.05 | $2,978.28 | $3,514.88 |
| 10% | $1,616.20 | $2,174.00 | $2,748.26 | $3,338.53 | $3,945.06 |
Interest over the whole term when every payment is made on schedule.
Yearly amortization schedule: $27,100 at 6.5% for 60 months
| Year | Principal paid | Interest paid | Balance at year end |
|---|---|---|---|
| 1 | $4,740.96 | $1,621.92 | $22,359.04 |
| 2 | $5,058.49 | $1,304.39 | $17,300.55 |
| 3 | $5,397.25 | $965.63 | $11,903.30 |
| 4 | $5,758.72 | $604.16 | $6,144.58 |
| 5 | $6,144.58 | $218.48 | $0.00 |
The schedule the calculator shows for its opening example ($30,000 car, $5,000 down, 7% tax, $530.24 a month). The interest column adds up to $4,714.58. The page links to the mortgage amortization schedule calculator for the month-by-month table.
How to use this tool
- Enter the vehicle price, the sales tax rate, the down payment and the trade-in value.
- Enter the loan interest rate and choose a term of 24, 36, 48, 60, 72, 84, 96 or 120 months.
- Read the monthly payment, sales tax, amount financed, total interest and total vehicle cost, then the yearly amortization schedule below them.
Frequently asked questions
- How much is the monthly payment on a $30,000 car?
- With $5,000 down, 7% sales tax and 6.5% for 60 months it is $530.24. The same loan over 36 months is $830.59 a month and over 84 months $402.42.
- How is a car payment calculated?
- The payment on the financed amount F is F × r ÷ (1 − (1 + r)^−n), where r is the annual rate ÷ 12 and n is the number of months. For $10,000 at 6% over 60 months that is $193.33.
- How does a trade-in change the payment?
- It lowers the tax and the amount financed. With an $8,000 trade-in the same car is taxed on $22,000, so the tax is $1,540, $18,540 is financed and the payment is $362.76.
- Is sales tax charged on the trade-in?
- Here the tax is charged on the price after the trade-in. Check how your state and dealer treat a trade-in. If tax is charged on the full price, enter the trade-in value as a down payment instead.
- Are fees, registration and insurance included?
- No. Fees, registration, title and insurance are not in the figures, so a dealer’s quote can be higher than the payment shown.
- What if my down payment covers the whole car?
- The page says no loan is needed and shows the total cost. A $20,000 car with $15,000 down, an $8,000 trade-in and 7% tax has $840 of tax and a total cost of $20,840.
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