You can use this simple auto loan calculator to figure out your monthly payments on a new or used car. In addition to your monthly payment, the calculator figures out the net amount you are financing, your total payments, and the total interest paid on the car loan.

Calculator Definitions

The variables used in our online calculator are defined in detail below, including how to interpret the results.

This is the purchase price of the car that you have negotiated with the dealership or private seller. This figure should not include rebates or trade-in allowances.

Cash Rebates ($)

If there are any promotional rebates, such as employee discounts, or manufacturer's rebates that apply to this purchase, then enter that amount here. If not, then just enter zero.

Trade-In Allowance ($)

If you are trading in a car as part of the deal, then enter the trade-in allowance negotiated with the dealership. If you are not trading in a car, then just enter zero.

Down Payment ($)

If you are lowering the amount you're going to finance by providing a cash down payment, then enter that amount here.

Annual Interest Rate (%)

This is the annual interest rate on the auto loan. This is not the APR, which takes into account other costs associated with the loan.

Term of the Loan (Years)

The term of the loan is the number of years over which the loan will be paid. The most common car loan terms are 3, 4, and 5 years.

Net Amount Financed ($)

The net amount financed is calculated by taking the negotiated price of the car and subtracting out rebates, trade-in allowances, and cash down payments. If you still owe money on the car you're trading in, then that amount is added to the amount financed.

Monthly Payment ($ / Month)

This is the monthly payment necessary to repay the car loan over its lifetime.

Total Payments ($)

The total amount paid to the bank or lending institution over the life of the car loan.

Total Interest Paid ($)

The total amount of interest charges over the term of the loan. This is the cost of borrowing money from the lending institution.

Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.