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Planning to buy a car? Use our auto loan calculator to estimate your monthly payment and total cost of financing. Compare different loan terms to find the best option for your budget.
Auto Loan Calculator
Results
Monthly Payment
$676.65
Total Cost
$40,598.88
Total Interest
$5,598.88
Payoff Time
5 years
interest Saved
$0.00
Visualization
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How It Works
This calculator uses the standard loan amortization formula tailored for auto financing, factoring in the vehicle price minus any down payment or trade-in value.
Formula
M = (Price - Down Payment - Trade In) × [r(1+r)^n] / [(1+r)^n - 1]Assumptions
- Fixed interest rate
- No dealer add-ons or GAP insurance
- Trade-in value applied as down payment
- No prepayment penalties
Frequently Asked Questions
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