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Car loan calculator
Price, down payment, trade-in and sales tax in; monthly payment, amount financed and total interest out, with every common term compared in one table.
Example: a $35,000 car with $5,000 down and 6% sales tax finances $32,100. At 7% APR over 60 months that is about $636 a month and $6,037 in interest.
$635.62
monthly payment
- Amount financed
- $32,100
- Total interest
- $6,037
- Sales tax financed
- $2,100
- Total of payments
- $38,137
Same loan, different terms
| Term | Payment | Total interest |
|---|---|---|
| 36 months | $991.15 | $3,582 |
| 48 months | $768.67 | $4,796 |
| 60 months | $635.62 | $6,037 |
| 72 months | $547.27 | $7,304 |
| 84 months | $484.48 | $8,596 |
Already have this loan? See what extra payments save in the payoff calculator.
Amortization schedule
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $2,071 | $5,556 | $0 | $26,544 |
| 2 | $1,669 | $5,958 | $0 | $20,585 |
| 3 | $1,239 | $6,389 | $0 | $14,197 |
| 4 | $777 | $6,851 | $0 | $7,346 |
| 5 | $282 | $7,346 | $0 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
How the car payment is calculated
The calculator subtracts your down payment and trade-in from the price, adds sales tax (on the price minus the trade-in, which is how most states tax it), and amortizes the result at your APR. Each month, interest is the balance × APR ÷ 12 and the rest of the payment reduces the balance.
Dealer fees, registration and extended warranties are often rolled in too. Add them to the price if you plan to finance them.
Longer terms cost more than they look
Stretching $30,000 at 7% from 60 to 84 months drops the payment from about $594 to $453, but total interest climbs from about $5,600 to $8,000, and you stay "upside down" (owing more than the car is worth) for longer. The term table shows this trade-off for your numbers. Click any row to switch to it.
Questions people ask
What is a good car loan term?
Shorter is cheaper. 48 to 60 months keeps total interest moderate and usually keeps the loan below the car's value. 72- and 84-month loans lower the payment but add thousands in interest.
Is sales tax included in a car loan?
It can be. Many buyers finance the tax. This calculator adds it to the amount financed. In most states the tax is charged on the price after subtracting a trade-in, but a few states tax the full price.
How much car can I afford?
A common guideline is to keep the car payment around 10–15% of take-home pay. Use the term table to find a price and term that fit, then add insurance, fuel and maintenance.
Can I pay off a car loan early?
Most auto loans are simple-interest loans with no prepayment penalty, so extra payments cut interest directly. Try the auto loan payoff calculator to see how much.
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