How to use
Enter the vehicle price, your down payment, trade-in value, sales tax rate, any fees you’re rolling into the loan (title, registration, dealer fees), the APR and the loan term. You’ll see the amount financed, the monthly payment, total interest and the total cost of the car, with a full amortization schedule below.
How it’s calculated
- Amount financed = (price − trade-in) × (1 + sales tax %) + fees + amount owed on trade-in − down payment. If you still owe more on your trade-in than it’s worth, the difference (negative equity) is rolled into the new loan.
- Monthly payment — a fixed payment over the term.
- Total cost = all payments + down payment.
Sales tax is applied to the price minus the trade-in, as most US states do. If your state taxes the full price, enter a trade-in of 0 and add its value to the down payment instead.
Example
A $35,000 car with $5,000 down, 7% sales tax and $500 in fees: the amount financed is $32,950. At 7% APR for 60 months, the payment is $652.45, total interest is $6,197.00 and the car costs $44,147.00 in total.
FAQ
Is a longer term better? It lowers the monthly payment but increases total interest. Compare 48, 60 and 72 months by changing the term.
What about dealer 0% APR offers? Enter 0% as the rate, but compare with a cash rebate: sometimes taking the rebate and a regular loan costs less.
Are insurance and gas included? No — only the loan.
Results are estimates; your actual APR and fees depend on the lender. To see the effect of paying extra, use the extra payment calculator; for other loans, the loan calculator.