Car loan calculator
Car price, down payment, trade-in, rate and length: see what you will pay each month.
Result
343.82Each month
- Amount borrowed
- 18,000.00
- Number of months
- 60
- Interest cost
- 2,629.26
- Cost of the loan (interest + fees)
- 2,929.26
- Everything you pay in total
- 27,929.26
Year by year
Detailed table
| Year | Principal repaid | Interest paid | Left to pay |
|---|---|---|---|
| 1 | 3,216.12 | 909.73 | 14,783.88 |
| 2 | 6,613.66 | 1,638.05 | 11,386.34 |
| 3 | 10,202.84 | 2,174.71 | 7,797.16 |
| 4 | 13,994.48 | 2,508.92 | 4,005.52 |
| 5 | 18,000.00 | 2,629.26 | 0.00 |
How it is calculated
- Amount borrowed = price − down payment − trade-in.
- Payment = P × i ÷ (1 − (1 + i)^−n), where i = rate ÷ 12.
- Cost of the loan = interest + fees.
Example
Car at 25,000, 3,000 down, 4,000 trade-in: you borrow 18,000 at 5.5% over 5 years, about 343.82 a month.
Good to know
- No sales tax is added: add it to the price if it applies where you live.
- Fees are assumed paid at the start, not borrowed.
- Leases are not covered.
Frequently asked questions
What is this tool used for?
Car price, down payment, trade-in, rate and length: see what you will pay each month.
How is the result calculated?
Amount borrowed = price − down payment − trade-in.
What should I check before using the result?
No sales tax is added: add it to the price if it applies where you live.