What is included
Vehicle price, down payment, trade-in credit, APR, loan term, and any taxes or fees you choose to finance.
Auto loan calculator
See the real cost of your next car.
Estimate your monthly payment, total interest, and payoff schedule before you visit the dealer.
Formula shown
Front-end only
APR default: U.S. average
Updated June 22, 2026
Amortization preview
Your first year, month by month.
Preview the first 12 payments or expand the full schedule to see how interest falls as principal is paid down.
First payment
$0
Principal in first payment
$0
Interest in first payment
$0
Payoff
60 months
On small screens, swipe the table sideways to see every column.
| Month | Payment | Principal | Interest | Balance |
|---|
Formula source
Why this formula is reliable.
M = P x r(1+r)n / ((1+r)n - 1)
M is the monthly payment, P is the amount financed, r is the monthly interest rate, and n is the number of payments.
This is the standard payment formula for a fully amortizing, fixed-rate installment loan. It is the same time-value-of-money approach behind common spreadsheet functions such as Microsoft Excel's PMT function: constant payments, constant interest rate, and a zero balance after the final scheduled payment.
For U.S. consumer credit, APR disclosure is governed by Regulation Z. This calculator does not compute a legal APR disclosure; it uses the APR you enter as the annual rate and converts it to a monthly rate for a planning estimate.
Worked example
What the default estimate means.
With a $35,000 vehicle price, $5,000 down payment, $3,000 trade-in credit, $2,400 financed taxes and fees, and a 60-month loan at 6.98% APR, the amount financed is $29,400.
That produces an estimated payment of about $582 per month and about $5,513 in total interest if all scheduled payments are made.
Methodology
Transparent assumptions.
Default APR
The default 6.98% APR is a U.S. national reference rate for a 60-month new-car loan reported by WSJ Buy Side using Bankrate data in June 2026. It is used only as a starting point for the calculator.
Your actual APR can be higher or lower based on credit score, income, lender, vehicle age, down payment, loan term, state, dealer incentives, and the date you apply.
What is not included
Insurance, registration renewal, fuel, maintenance, repairs, depreciation, late fees, lender fees not entered, or dealer add-ons.
How to use the result
Use the estimate to compare scenarios. Verify actual terms with lenders before making a purchase decision.
Why estimates can differ
Lenders may calculate APR, fees, first payment timing, rebates, taxes, and rounding differently. Your contract and Truth in Lending disclosures control the actual cost of credit.
Sources
Reference data used on this page.
Default APR reference
The starting APR is based on a U.S. national average for a 60-month new-car loan reported by WSJ Buy Side using Bankrate rate data in June 2026.
This is not a local rate, personalized quote, lender approval, or legal APR disclosure. Replace it with your own quoted APR whenever you have one.
Formula reference
The payment calculation uses the standard fixed-rate amortization formula, the same constant-payment structure used by spreadsheet PMT functions.
FAQ
Common auto loan questions.
What is a good auto loan APR?
A good APR depends on credit score, loan term, vehicle age, lender, state, and market rates. The default rate here is only a U.S. national reference point, so compare multiple offers before committing.
Where does this calculator's formula come from?
It uses the standard amortization formula for fixed-rate installment loans. The same structure is used by spreadsheet PMT functions and amortization schedules: a loan balance, a periodic interest rate, and a fixed number of payments.
Is a 72-month auto loan a bad idea?
A longer loan can lower the monthly payment but often increases total interest and the risk of owing more than the car is worth.
How much should I put down on a car?
Many buyers aim for at least 10-20% down when possible. A larger down payment lowers the amount financed and may reduce interest costs.
Does this calculator include insurance?
No. This calculator estimates loan payments only. Insurance, fuel, maintenance, registration, and depreciation should be considered separately.
Can I use this as a 72 month auto loan calculator?
Yes. Enter 72 as the loan term. A 72-month loan usually lowers the payment compared with 48 or 60 months, but it can increase total interest and keep you in debt longer.
How does a trade-in affect a car loan?
A trade-in credit reduces the amount financed when it is applied to the purchase. If you owe money on the trade-in, subtract only the net equity from the new loan calculation.
Can this help with bad credit car loan planning?
It can help you test higher APR scenarios. Bad credit loans may have higher rates, fees, or down payment requirements, so compare lender quotes carefully.