Calculate your estimated monthly car loan payment based on loan amount, interest rate and term, with a full amortization schedule.
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This auto loan calculator uses the same standard amortization formula as our other loan calculators: Monthly Payment = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments over your loan term.
This tool estimates principal and interest only. It doesn't include sales tax, registration fees, dealer add-ons, or trade-in value, all of which affect the actual amount financed and your real monthly payment.
For example, financing $25,000 at 7% APR over 60 months produces a monthly payment of $495.03, with total interest of $4,701.80 over the life of the loan, about 19% of the amount financed.
Financing the full sticker price instead of the amount actually owed after a down payment or trade-in value is subtracted.
Forgetting sales tax, title and registration fees, which many buyers roll into the loan itself, increasing the true amount financed beyond just the car's price.
Choosing a longer term purely to shrink the monthly payment without checking how much extra total interest that adds, as the worked example shows, a 60-month term alone adds nearly a fifth of the loan amount in interest.
Enter the amount you're actually financing, meaning the car's price minus any down payment or trade-in value, since that's the balance the loan and interest are calculated on.
Common auto loan terms range from 36 to 72 months, with longer terms offering lower monthly payments but more total interest paid over the loan's life.
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