Auto loan calculator
Calculate your monthly car loan payment and total interest.
How the calculation works
The loan amount is the car price minus the down payment and trade-in. On that balance, the monthly payment follows the amortization formula:
payment = P · r / (1 − (1 + r)⁻ⁿ)
Where P is the financed amount, r the monthly rate and n the number of payments.
Step-by-step example
A $60,000 car, $15,000 down, 1.5%/mo over 48 months:
- Financed: 60,000 − 15,000 = $45,000
- Payment ≈ $1,320/mo, total over $63k — about $18k in interest
A bigger down payment helps
Every unit down lowers the balance, the payment and the total interest. Longer terms cut the payment but raise total interest a lot.
Examples
- $45,000 at 1.5%/mo over 48 months: payment ≈ $1,320.
- Same amount over 60 months: lower payment, but ~$6k more interest.
Frequently asked questions
Does a bigger down payment help?
Yes — it lowers the loan amount, the monthly payment and the total interest paid.
Is a longer term better?
The payment drops, but you pay interest longer, so the total rises. Choose the shortest term you can afford.
Does it include fees and insurance?
No — it shows the loan payment and interest. Taxes, fees and insurance are charged separately and raise the real cost.
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Updated on June 18, 2026 · by Rafael Rossi · Methodology & sources