WiseCalcs

Car loan calculator

Enter the vehicle price, your down payment and any trade-in, the annual interest rate, and the term in months. The calculator shows the monthly payment, the amount financed, and the total interest as you type.

Use it to find the monthly payment on a car loan after your down payment and trade-in, plus the total interest over the term.

USD
USD
USD
%
mo

Monthly payment

$495.03

Financed Interest
Amount financed
$25,000.00
Total interest
$4,701.80
Total paid
$29,701.80

The result updates as you type. The bar splits the total paid into the amount financed and the interest you pay on top.

How does it work?

The amount financed is the price minus the down payment and trade-in. You supply the interest rate; the calculator does not look one up. Taxes, fees, and add-ons are not included.

Car loan payment formula

M=(V−D−T)⋅r (1+r)n(1+r)n−1M = (V-D-T)\cdot\frac{r\,(1+r)^{n}}{(1+r)^{n}-1}
M
Monthly payment.
V
Vehicle price.
D
Cash down payment.
T
Trade-in value.
r
Monthly interest rate (annual rate ÷ 100 ÷ 12).
n
Term in months.

A 30,000 car with 5,000 down at 7% over 60 months has a payment of about 495.03.

Expert tips

  • This is an illustrative payment estimate. Credit approval, fees, dealer charges, and your trade-in valuation can change the result.

Method & sources

The amount financed is the vehicle price minus the down payment and trade-in, never below zero. The loan is fully amortizing with a fixed rate and equal monthly payments. The rate is fixed for the whole term and you supply it yourself.

Sources

Where this method comes from — use these references to understand the formula, assumptions, and limits.

How we calculate

  • The amount financed is the vehicle price minus the down payment and trade-in, never below zero.
  • The loan is fully amortizing with a fixed rate and equal monthly payments.
  • The rate is fixed for the whole term and you supply it yourself.
  • The currency shown follows the site language; the payment math is the same in every market.
  • Sales tax, registration, dealer fees, gap insurance, and add-ons are not included unless you fold them into the price.

Limitations

  • This is an illustrative payment estimate. Credit approval, fees, dealer charges, and your trade-in valuation can change the result.

Rounding

Payments and totals are rounded to two decimals for display. The calculation uses full precision.

What this calculator does

A car loan finances the part of the price you don't pay up front. The amount financed is the vehicle price minus your down payment and any trade-in. This calculator uses the standard amortizing formula to find the fixed monthly payment over the term, then shows the total interest and the total you pay.

How to use it

  1. Enter the vehicle price.
  2. Enter your cash down payment and the value of any trade-in.
  3. Enter the annual interest rate and the term in months.
  4. Read the monthly payment, amount financed, and total interest below.

A worked example

A 30,000 car with 5,000 down and no trade-in finances 25,000. At 7% over 60 months the monthly payment is about 495.03, you repay about 29,702 in total, and roughly 4,702 of that is interest.

Down payment and trade-in

Both the down payment and the trade-in reduce the amount you finance, so they lower both the monthly payment and the total interest. If you owe money on the trade-in, enter its net value (what it's worth minus what you still owe).

Common mistakes

  • Entering the term in years instead of months. Most car loans are quoted in months, such as 48, 60, or 72.
  • Leaving tax and fees out of the price when you plan to finance them. Add them to the price if they are rolled into the loan.
  • Confusing the monthly payment with the total cost. Total paid is the payment multiplied by the number of months.

When it's useful

Comparing finance offers, seeing how a bigger down payment changes the payment, or checking whether a 60-month term beats a 72-month one on total interest.

FAQ

How is the amount financed calculated?
It is the vehicle price minus your down payment and any trade-in value, and it never goes below zero. The monthly payment is then based on that financed amount.
Why is the term in months?
Car loans are usually quoted in months — commonly 36, 48, 60, or 72. Enter the number of monthly payments directly.
Does this include tax, registration, or fees?
No. The calculator works on the price, down payment, trade-in, rate, and term. If you finance tax and fees, add them to the vehicle price.
What happens at a 0% rate?
With a 0% offer, the monthly payment is simply the amount financed divided by the number of months, and the total interest is zero.
Which currency does it use?
The currency follows the site language. The payment math is identical in every market.
Can I share a calculation?
Yes. Use Share to copy a link that reopens the calculator with the same price, down payment, trade-in, rate, and term.

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<iframe src="https://wisecalcs.com/embed/en/car-loan-calculator" width="100%" height="520" style="border:0" loading="lazy"></iframe> <p>Calculator from <a href="https://wisecalcs.com/en/loans-mortgages/car-loan-calculator">WiseCalcs</a></p>