My Money Tomorrow
← All calculators

HOME & BORROWING

Auto loan calculator

Compare car payments, total interest, and the effect of a down payment or trade-in.

Your numbers

Start with the example, then make it yours. Amounts are in US dollars.

Enter the dollar amount for your location, including any applicable trade-in credit.
Only fees you are adding to the loan.
Value credited by the seller, before the old loan is paid off.
Added to the financed amount; the trade-in value is subtracted.
Use the loan interest rate, not APR with fees included.
Optional additional monthly payment.

How this estimate works

Amount financed equals vehicle price plus sales tax, financed fees and the old trade-in loan payoff, minus the down payment and trade-in value. Uses a fixed interest rate, monthly interest and equal scheduled payments. Extra principal shortens repayment; the final payment may be smaller.

Excludes fuel, maintenance, insurance, depreciation and any fees paid separately. Daily-interest loans, precomputed-interest contracts and lender rounding may produce different results. Taxes are entered as dollars because trade-in tax rules vary.

CFPB: Comparing auto loans ↗

A little more clarity

What if I owe more than my trade-in is worth?

Enter both the trade-in value and its outstanding loan. The difference increases the new amount financed.

Is the payment my full cost of owning the car?

No. Budget separately for insurance, registration renewals, fuel, maintenance and repairs.

SEE THE BIGGER PICTURE

One decision. Your whole plan.

Bring these estimates into My plan to explore income, spending, savings and retirement together.

Open My plan →