Car Loan Calculator
See the monthly payment and what the loan really costs. Change the term to compare 48, 60 and 72 months.
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Monthly payment
| Year | Paid | Interest | Balance left |
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Car loan payment formula
Payment = P × r ÷ (1 − (1 + r)^−n)
P is the amount financed, r is the APR ÷ 12 as a decimal, and n is the number of months. $30,000 at 6.9% for 60 months is about $593 a month.
Already have a loan? See if a lower rate would save money with the car loan refinance calculator.
Questions
Is sales tax included in the loan?
In this calculator, yes: tax on the price minus the trade-in is added to the amount financed, which is common. Some states tax the full price.
Is a longer loan term better?
A longer term lowers the monthly payment but raises total interest. 72- and 84-month loans also make it more likely you'll owe more than the car is worth.