Car Loan Calculator
See your monthly payment, the total interest and what the car really costs over the life of the loan.
Monthly payment
$0
Amount financed
Total interest
Total of payments
Excludes sales tax, registration and dealer fees. Your lender's quote is final.
How the payment is calculated
The amount financed (P) is the price minus your down payment and trade-in. The monthly rate (r) is the APR divided by 12, and n is the number of months. The standard amortization formula then gives the fixed monthly payment (M).
M = P × r ÷ (1 − (1 + r)−n)
Frequently asked questions
The monthly payment is lower, but you pay interest for more months, so the total cost is higher. Compare 48 and 84 months above to see the difference.
Yes. It reduces the amount financed, which lowers both the monthly payment and the total interest.