Car Loan Payment Calculator
After entering your current information, use the graph options to see how different loan terms or down payments can impact your monthly payment.
You can also examine your complete amortization schedule by clicking on the “View Report” button.
Car Loan Calculator Definitions
To make the best use of this car payment tool, you want to have a solid understanding of all relevant terms. Here are the terms you’ll see above in the calculator.
This is the amount you can expect to pay each month of the length of your loan. Your monthly car payment includes your principal balance, interest and other add ons that you’re financing.
Total purchase price (before tax)
This is the total cost of your auto purchase, including the vehicle’s cost, additional options, and destination charges. This price doesn’t include sales tax in this amount. It will be calculated for you and included in your total after-tax price.
Term in months
This is the number of months you will make payments on your loan until it is paid off in full.
This is the annual loan interest rate for your auto loan. Your monthly payment will include the interest payments you’re making on your vehicle as well.
Rebates and cash down
This includes the total amount of cash and/or factory rebates used in this purchase. The larger your cash down payment, the smaller the loan you will need to finance this purchase. You can also have more flexibility in your vehicle purchase price by putting money down or using rebates.
This is the total amount you are given for any automobile you trade-in as part of this purchase. In some states, a trade-in can also reduce the amount of sales tax you will owe. See the definition for “No sales tax deduction for trade-in” for more information on trade-in vehicles and sales tax.
Amount owed on trade
This is the total loan balance still outstanding on your trade-in.
Non-taxable fees (optional)
This refers to any additional fees that are not subject to sales tax. It usually includes document fees or fees that may be due at delivery and are not taxable.
Taxable fees (optional)
This includes any additional fees that are subject to sales tax. Usually, your title transfer fees or any other fees due at delivery and are taxable are included.
Sales tax rate
This includes the sales tax percentage rate charged on this purchase.
No sales tax deduction for trade-in
If you live in a state where your sales tax is calculated on your full purchase price, check this box. If this box is unchecked, sales tax is calculated on the purchase price less trade-in. Currently, California, the District of Columbia, Hawaii, and Michigan allow no trade-ins deductions when calculating sales tax. Also, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on autos.
Frequently asked questions about car loan payments
How much car can I qualify for?
The amount you qualify for will depend on your income and credit score.
What is the minimum down payment for a car loan?
In some circumstances, you’ll be able to secure an auto loan with no money down. However, the higher your down payment, the more equity you will have in your car from the beginning. It is recommended that you make a down payment on your loan.
What is a reasonable interest rate on a car loan?
You want the lowest interest rate possible on your auto loan. The national average interest rate is 5.27% on a 60-month loan (source), so the better your credit profile, the lower the interest rate you can expect.