Calculate your monthly car payment and total cost of your auto loan.
Result
-
Monthly Payment
Loan Amount-
Total Payment-
Total Interest-
⚙️ How It Works
An auto loan calculator determines your monthly car payment based on the vehicle price, down payment, loan term, and interest rate. The loan is amortized — each payment covers accrued interest first, then reduces the principal. Early payments are mostly interest; later payments are mostly principal.
M = P × [r(1+r)^n] / [(1+r)^n − 1] where P = loan amount (price − down payment), r = monthly rate, n = months
Editorial Standards
Author
BetterProduct Finance Research Team - Formula review and consumer finance editorial QA
Reviewed by
Reviewed against CFPB auto-loan guidance and amortization math.
Updated
April 2026
Best used for
Vehicle financing estimates and payment comparisons.
Languages checked
7 language editions aligned from the same source formulas.
Use Results Responsibly
Compare at least two scenarios before making a decision.
Keep rates, periods, and fees in the same unit system.
Verify taxes, insurance, and lender-specific rules with official documents.
Rates vary by credit score and loan term. Excellent credit (750+) typically qualifies for rates under 5%. Average credit (650–699) may see rates of 8–12%. Credit unions often offer lower rates than dealerships.
Should I choose a longer or shorter loan term?
Shorter terms (36–48 months) mean higher payments but less total interest. Longer terms (60–84 months) lower monthly payments but cost significantly more in interest and risk negative equity.
What is negative equity on a car loan?
Negative equity (being 'underwater') means you owe more on the loan than the car is worth. Cars depreciate quickly — a new car loses 15–25% of value in the first year. Long loan terms increase this risk.
Should I put money down on a car?
A down payment of 10–20% reduces your loan amount, monthly payment, and total interest paid. It also helps avoid negative equity since the car depreciates faster than you pay down a small-down-payment loan.