Auto loan inputs
Use the financed amount after your down payment or trade-in is applied.
Essential Calculator
Auto Loan Calculator
Estimate your car payment, total interest, and overall borrowing cost before you step into a dealership.
How to use this page
- Enter the financed amount, interest rate, and loan term.
- Use the chart to see how the balance declines over the life of the loan.
- Compare term lengths before choosing a payment that looks manageable on the surface.
Results
Monthly payment$544
Total interest$7,170
Total paid$39,170
M72$0
What this calculator helps you see
Auto loans can feel affordable when the monthly payment is stretched out, but that often hides the long-term interest cost. This calculator helps make that tradeoff easier to see.
When to use this calculator
Compare vehicles and down payments
See how borrowing less changes both the payment and the total interest cost before you negotiate.
Avoid overextending the term
A lower monthly payment can come with years of extra interest, especially on longer car loans.
Formula
Payment = P × r ÷ (1 - (1 + r)^-n)
The payment formula is the same as other fixed-rate installment loans, with equal monthly payments over the full term.
Worked example
Financing $32,000 at 6.9% for 6 years can look manageable month to month, but the total interest cost is still worth comparing against a shorter term or larger down payment.
| Item | Value |
|---|---|
| Financed amount | $32,000 |
| Interest rate | 6.9% |
| Term | 6 years |
| What to compare | Shorter term or higher down payment |
Related calculators
Before you decide
- Outputs are estimates and should be reviewed against lender or plan-specific terms.
- Inputs are intentionally transparent so assumptions are easy to audit.
- Rates, fees, taxes, and account terms can change the final result.
Page details
- Updated April 15, 2026
- For assumptions and general guidance, see Methodology.
- For how explanatory content is written, see Editorial Policy.
Common auto loan tradeoff
| Option | Monthly payment | Total interest |
|---|---|---|
| More down payment | Lower | Lower |
| Longer term | Lower | Higher |
| Shorter term | Higher | Lower |
Common questions
Should I focus on the monthly payment or the total cost?
Both matter, but the total cost often reveals whether a long loan term is more expensive than it first appears.
Can this help me compare financing offers at the dealership?
Yes. Use the same financed amount across offers so you can see which rate and term combination is actually cheaper.