Car Loan Calculator: Estimate Monthly Payments & Total Costs Easily
The Car Loan Calculator shows your loan amount, monthly payment and lifetime interest in seconds. Adjust price, fees, term or rate to see instant changes. Average new-car APR hit 6.63 % in Q3 2023 (Experian, 2023).
Car Loan Calculator
Loan Summary
Loan Amount
Monthly Payment
Total Interest Paid
Total Loan Cost
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How to use the tool
Enter the vehicle price. Example A: 28 000; Example B: 18 500.
Add optional figures. Down payment, trade-in value, sales-tax rate and extra fees all reduce or raise the amount you borrow.
Type the annual interest rate. Use the rate quoted by your lender, e.g., 4.2 % or 6 %.
Set loan term in years. Typical terms range 2–7 years.
Press Calculate. The tool returns loan amount, monthly payment, total interest and total cost.
P = 28 000, Down = 4 000, Trade = 1 500, Tax = 7.5 %, Fees = 600, r = 0.042/12, n = 72.
Loan = 25 200.
PMT ≈ 396.60.
Interest ≈ 3 355.20; Total Cost ≈ 28 555.20.
Example B calculation
P = 18 500, Down = 1 850, Trade = 0, Tax = 6.25 %, Fees = 400, r = 0.06/12, n = 48.
Loan ≈ 18 206.25.
PMT ≈ 428.80.
Interest ≈ 2 376.15; Total Cost ≈ 20 582.40.
Quick Facts
Average new-car price: 48 008 USD in Dec 2023 (Kelley Blue Book, 2023).
Median new-car APR: 6.63 % (Experian Auto Finance Report, Q3 2023).
Recommended down payment: 20 % of purchase price (Consumer Reports, 2022).
Typical loan term: 72 months for new cars (FTC, 2023).
Average U.S. sales tax on vehicles: 7.2 % (TaxFoundation.org, 2023).
FAQ
What does the calculator measure?
It estimates your financed amount, monthly payment, total interest and overall loan cost using amortisation math.
How accurate are the results?
The tool uses the standard amortisation formula—results match lender schedules within rounding differences of a few cents.
Why input sales tax and fees?
Financing taxes or fees increases the principal, so you pay interest on them too (FTC Buying a Car, 2023).
Does a bigger down payment save interest?
Yes. Reducing principal by 5 000 USD at 6 % APR over 60 months saves about 800 USD in interest (Author calc).
How does loan term change cost?
Extending from 48 to 72 months cuts monthly payment ~20 % but adds ~30 % more interest at the same rate (Experian, 2023).
Can I use the tool for refinancing?
Yes—enter your remaining balance, new rate and chosen term to compare against current payment.
What credit score lands low rates?
Scores above 780 secured average new-car APR of 5.07 % in 2023 (Experian, 2023).
How do early payments help?
Adding one extra payment per year on a 60-month loan shortens payoff by ~10 months and cuts interest (CFPB, 2022).
Important Disclaimer
The calculations, results, and content provided by our tools are not guaranteed to be accurate, complete, or reliable. Users are responsible for verifying and interpreting the results. Our content and tools may contain errors, biases, or inconsistencies. We reserve the right to save inputs and outputs from our tools for the purposes of error debugging, bias identification, and performance improvement. External companies providing AI models used in our tools may also save and process data in accordance with their own policies. By using our tools, you consent to this data collection and processing. We reserve the right to limit the usage of our tools based on current usability factors. By using our tools, you acknowledge that you have read, understood, and agreed to this disclaimer. You accept the inherent risks and limitations associated with the use of our tools and services.
