Car loan calculator

Estimate your monthly payment based on the price, down payment, term and interest rate. Taxes and fees are not included.

Car price

Down payment

Interest rate (APR %)

Term (years)

Currency symbol (optional)

Extra monthly payment (optional)

Enter numbers and click calculate. This is only a rough estimate.

–

How this car loan payment calculator works

This calculator estimates a monthly payment using standard loan amortization math: principal, interest rate, and term length.

What to enter

Car price and down payment determine the amount you borrow.

APR is the annual interest rate (for example 5.9%).

Term is the number of months you’ll repay (36, 48, 60, 72…).

What this tool does not include

Sales tax, fees, dealer add‑ons, title/registration

Insurance (which can be a major cost)

Different compounding conventions used by specific lenders

Tip

If you can afford it, even a small extra monthly payment can reduce total interest and shorten the payoff timeline.

What this calculator is estimating

This tool estimates a standard fixed‑rate auto loan payment using the loan amount, interest rate (APR), and term length. It assumes regular monthly payments and a typical amortization schedule.

Worked example

Car price: $30,000

Down payment: $3,000 → loan amount ≈ $27,000

APR: 5.5%, Term: 60 months

Estimated monthly payment: $515.73 (principal + interest only)

What can change the real payment

Taxes/fees: sales tax, title, registration, doc fees

Trade‑in or rebates: lower the amount financed

APR vs interest rate: APR may include certain fees; lenders vary

Extra payments

If you pay extra each month, you typically reduce total interest and shorten the loan term. Make sure the lender applies extra to principal, not future payments.

Compare offers the right way

Compare loans with the same term length (60 vs 72 months changes the payment a lot).
Ask whether the rate is fixed for the full term.
Check if there’s a prepayment penalty (rare, but worth confirming).

Total cost

A lower monthly payment isn’t always cheaper overall — longer terms usually mean more interest paid over time. Use the payment estimate to compare scenarios, then confirm the exact loan terms with the lender.

How amortization affects the first few payments

Early in a loan, a larger share of your payment typically goes to interest. Over time, more goes to principal. That’s normal for fixed‑rate amortizing loans.

Down payment vs term length

A bigger down payment reduces the loan amount and can reduce total interest.
A shorter term usually raises the monthly payment but reduces total interest paid.