Calculator
Car Loan Payment Calculator
Enter the amount you are financing, the interest rate, and the term to get the equal monthly payment on a car loan. The tool also reports the total paid and how much of that is interest.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: AutoLoanable may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
This calculator answers one question: what is the equal monthly payment on a car loan? It needs the amount financed, the annual interest rate, and the term in months.
Payment = P × i ÷ (1 − (1 + i)^-n)
- P — the amount financed after any down payment or trade-in
- i — the monthly rate, the annual rate divided by 1,200
- n — the number of monthly payments
Total paid is the payment multiplied by n, and total interest is that figure minus P. A longer term lowers the payment but raises the interest; a shorter term does the opposite. Enter the rate you were offered.
What changes your result
Only a few inputs move the number materially. In rough order of impact:
| Input | Effect on the payment | Effect on total cost |
|---|---|---|
| Amount financed | Directly proportional | Directly proportional |
| Interest rate / APR | Directly proportional | Directly proportional |
| Term (months) | Lower payment when longer | Higher total interest when longer |
| Down payment | Lowers the payment | Lowers total interest |
| Trade-in equity | Lowers the amount financed | Lowers total interest |
| Sales tax and fees | Raises the amount financed | Raises total cost |
Enter the rate you were actually offered. This site is not a lender and does not publish rates — a quoted rate is only meaningful next to the term and the amount financed.