This tool helps you estimate your monthly car loan payments based on the loan amount, interest rate, and loan term.
Enter the details of your car loan including the loan amount, loan term, annual interest rate, down payment, trade-in value, sales tax rate, and any additional fees. Click on “Calculate” to find out your monthly payment.
How It Works
This car payment calculator works by taking the following inputs:
- Loan Amount: The total amount you’re borrowing for the car purchase.
- Loan Term: The number of months over which the loan will be repaid.
- Annual Interest Rate: The annual interest rate on the loan.
- Down Payment: The amount you’ll pay upfront when purchasing the car.
- Trade-in Value: The value of any trade-in vehicle you offer as part of the purchase.
- Sales Tax Rate: The percentage of sales tax that applies to your purchase.
- Additional Fees: Any other fees associated with the car purchase (e.g., registration fees, documentation fees).
The result is calculated using the loan amount, adjusted for down payment and trade-in value, sales tax, and additional fees. The monthly payment is computed based on the loan term and annual interest rate using the standard amortization formula.
Limitations
- This calculator provides an estimate and not an exact calculation of monthly payments.
- Interest rates may vary based on credit score and other factors.
- Additional fees and taxes may vary by state and dealership.