Auto Loan Payment Calculator
This calculator estimates the monthly payment on a fixed-rate auto loan. Enter the vehicle price, your down payment, the annual percentage rate (APR), and the loan term in months to see your monthly payment and total interest paid.
How It Works
Subtract your down payment from the vehicle price to get the loan principal. Then apply the standard amortization formula where r is the monthly rate (APR ÷ 12) and n is the number of monthly payments. Auto loans are typically 24–84 months. Longer terms lower the monthly payment but increase total interest paid.
Worked Examples
Example 1. $32,000 vehicle, $5,000 down, 6.9% APR, 60 months. Loan: $27,000. Monthly payment ≈ $531.33. Total interest ≈ $4,880.
Example 2. $20,000 vehicle, $2,000 down, 4.5% APR, 48 months. Loan: $18,000. Monthly payment ≈ $410.46. Total interest ≈ $1,702.
When to Use This Calculator
Use before visiting a dealership to know your budget, compare financing offers, or evaluate the cost difference between a longer and shorter term.
Frequently Asked Questions
Does this include sales tax and fees?
No — enter the total financed amount (including any taxes or fees rolled into the loan) as the vehicle price if you want to include those costs.
What is a good APR for an auto loan?
Rates vary by credit score and lender. As of 2025–2026, average new-car rates range from roughly 5% to 9%. Your actual rate depends on your credit profile.
Should I put more money down?
A larger down payment reduces the loan amount, monthly payment, and total interest. It also reduces the risk of being "upside down" (owing more than the car is worth).