Enter the vehicle price, down payment, trade-in, interest rate, loan term, sales tax and fees to estimate your monthly payment, amount financed and total borrowing cost.
Adjust the assumptions below to compare different vehicle and loan scenarios.
Loan term and interest rate can substantially affect how much you ultimately pay.
This annual summary shows estimated principal and interest throughout the loan.
| Year | Beginning Balance | Payments | Principal Paid | Interest Paid | Ending Balance |
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A fixed-rate auto loan payment is generally based on the amount financed, annual interest rate and number of monthly payments.
Vehicle price is only one part of the calculation. Taxes, dealer fees, registration costs, trade-in equity, rebates and your down payment can all affect the amount you ultimately finance.
A larger down payment generally reduces the amount borrowed and therefore reduces both the required monthly payment and the amount of interest that can accrue over the loan term.
Positive trade equity occurs when the trade-in value exceeds the amount still owed on that vehicle. Negative equity occurs when the outstanding loan balance is greater than the trade value.
Negative equity rolled into a new auto loan can increase the amount financed beyond the price of the replacement vehicle.
A longer loan term can lower the monthly payment because repayment is spread over more months. However, it can also increase total interest and may leave the loan balance high relative to the vehicle's value for a longer period.
Some states reduce the taxable vehicle price by qualifying trade-in value while others may treat the transaction differently. Use the tax-treatment option in the calculator based on the rules applicable to your purchase.
State tax rules, dealer fees, rebates and trade-in treatment vary. Use actual purchase-contract or lender figures when available.
A fixed-rate auto loan payment is generally calculated from the amount financed, monthly interest rate and number of monthly payments.
Generally, yes. A larger down payment reduces the amount financed, which can reduce both the monthly payment and estimated total interest.
If the trade-in is worth more than the amount owed, the positive equity can reduce the amount financed. If more is owed than the trade-in is worth, the negative equity may be added to the new loan.
A longer term usually lowers the required monthly payment by spreading repayment over more months. However, it can increase total interest paid.
Sales-tax rules differ by jurisdiction. In some places, qualifying trade-in value reduces the taxable vehicle price; in others, the calculation may differ.
Yes. Enter estimated dealer, documentation, registration or similar fees in the fees field. This calculator assumes those entered fees are financed.
Actual payment quotes can differ because of lender-specific APRs, fees, tax rules, add-on products, rebates, trade-in calculations, payment dates and other contract details.