Car Loan Calculator
Calculate your monthly car loan payment, total interest paid, and total cost of the vehicle.
Updated April 2026 · CalcFlow Editorial
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Enter values above and click Calculate to see your results.
What is a Car Loan? A car loan calculator computes your monthly auto loan payment by dividing the loan principal — vehicle price minus down payment and trade-in — plus interest over the loan term, using the standard amortization formula.
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Rule of Thumb
The 20/4/10 rule for car buying: put at least 20% down, finance for no more than 4 years, and keep total monthly vehicle costs (payment + insurance) below 10% of gross monthly income.
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Example Calculation
A $30,000 car with $3,000 down at 7.5% interest over 60 months = $540/month. Total interest paid: $2,379. Total cost: $32,379.
Key Facts
- •The average new car loan rate in the US was 7.1% in 2024, according to Experian.
- •The average new car loan term is 68.5 months — longer terms lower monthly payments but significantly increase total interest.
- •Buyers with excellent credit (750+) typically qualify for rates 3-5% lower than buyers with fair credit.
- •A $10,000 trade-in has the same financial effect as a $10,000 down payment.
How to Use
- Enter the vehicle price (sticker price or negotiated price).
- Add your down payment and trade-in value if applicable.
- Enter the annual interest rate — check your pre-approval or use the current average.
- Select the loan term in months.
- Add your state sales tax rate if you want to include it.
- Click Calculate to see your monthly payment, total interest, and full loan cost.
Formula
Monthly Payment = P x [r(1+r)^n] / [(1+r)^n - 1] where P = loan amount, r = monthly rate, n = months| Loan Amount | 60 months @ 5% | 60 months @ 7.5% | 60 months @ 10% |
|---|---|---|---|
| $15,000 | $283/mo | $300/mo | $319/mo |
| $20,000 | $377/mo | $400/mo | $425/mo |
| $25,000 | $472/mo | $500/mo | $531/mo |
| $30,000 | $566/mo | $600/mo | $637/mo |
| $40,000 | $755/mo | $801/mo | $850/mo |
| $50,000 | $943/mo | $1,001/mo | $1,062/mo |