Auto Loan Calculator

Determine your monthly payment based on loan amount, terms, and rate.

How to use the Auto Loan Calculator

Use our auto loan calculator to determine an estimate of your monthly car payment and total loan cost based on vehicle price, interest rate, and loan amount. (You can choose to enter “0” for one of the first 3 inputs.)

The Number of Months equals the total number of loan payments you’ll make.

For the Annual Interest Rate, enter the rate you believe you’ll qualify for.

The Payment Method refers to whether the lender uses the start of period or end of period to determine when your loan is due. There’s usually a slight difference in how much you pay monthly based on the payment method. If unsure, choose End-of-Period.

Once you’ve entered all required inputs, just click the Calc button at the bottom of the calculator.

For additional explanation, click the Help button.

Additional options:

  • Click the $ sign at the bottom of the calculator to change the currency
  • Click mm/dd/yyyy to change the date format
  • Click the + or to increase or decrease the size of the calculator
  • Click Print to print a screenshot of the calculator with your inputs and their results
  • Click Schedule to see a detailed loan payment schedule based on your inputs
  • Click Charts to see three graphs that visually represent your loan payments over time
Enter a "0" (zero) for one unknown value above.

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How to use your Auto Loan Calculator results

An auto loan calculator can be a valuable tool for making an informed car-buying decision. Here are four benefits, and what you should do with your results.

  1. Budget Assessment: Using an auto loan calculator is a great tactic to help you determine the affordability of a car purchase. By allowing you to input the purchase price, down payment, interest rate, and loan term, you can then assess whether the car you’re considering fits within your budget. You want to ensure that you can comfortably manage the monthly payments without straining your finances.
  2. Comparison Shopping: You can use the auto loan calculator to compare different auto loan offers from various lenders. After inputting the terms offered by each lender, including interest rates and loan terms, identify the most cost-effective option. This empowers you to choose a loan with terms that align with your financial goals and potentially save money on interest over the life of the loan.
  3. Down Payment Planning: The calculator can help you explore the effects of different down payment amounts on your auto loan. A larger down payment reduces the loan principal, leading to lower monthly payments and less interest paid over the loan’s duration. By experimenting with various down payment scenarios, you can find a balance that suits your budget and financial goals.
  4. Deciding on a loan term: Using an auto loan calculator will tell you how varying terms can change the total cost of the vehicle. Although longer terms may seem more attractive due to the lower monthly payment, it’s important to recognize how this impacts the total cost of the loan. Longer terms will ultimately result in more interest paid and a higher overall cost.

Using an auto loan calculator not only provides clarity about the financial aspects of a car purchase but also empowers you to negotiate with confidence when dealing with dealerships and lenders. It ensures that you choose a financing option that aligns with your financial situation and long-term objectives, ultimately helping you make a well-informed car-buying decision.

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