Find the real monthly cost of a car loan: price minus down payment and trade-in gives the amount financed, then compare terms to see the total cost of borrowing. Runs entirely in your browser — your numbers never leave this device.
Total cost of the car is the amount financed plus its interest, plus your down payment and trade-in — the full outlay, not just the loan.
| Term | Monthly payment | Total interest |
|---|---|---|
| 36 months | $771.93 | $2,789.48 |
| 48 months | $598.66 | $3,735.68 |
| 60 months | $495.03 | $4,701.80 |
| 72 months | $426.23 | $5,688.56 |
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $5,940.36 | $4,327.45 | $1,612.91 | $20,672.55 |
| 2 | $5,940.36 | $4,640.26 | $1,300.10 | $16,032.29 |
| 3 | $5,940.36 | $4,975.74 | $964.62 | $11,056.55 |
| 4 | $5,940.36 | $5,335.41 | $604.95 | $5,721.14 |
| 5 | $5,940.38 | $5,721.14 | $219.24 | $0.00 |
The amount you actually borrow on a car is rarely the sticker price. This calculator starts where the deal starts: take the vehicle price, subtract your cash down payment, subtract the trade-in value of your current car, and what remains is the amount financed — the P in the loan payment formula. Taxes and dealer fees, if they are rolled into the deal, belong in the price you enter, because the loan is charged on whatever total is financed.
With the amount financed set, the standard amortisation formula gives the monthly payment, and multiplying it back out over the term gives the total cost of the loan — the interest you pay for the convenience of spreading the price over years. That total is the number dealers least like to discuss, because a longer term can make a payment look small while the interest bill quietly grows.
Term comparison is built for exactly that trap. The examples below hold the amount and rate fixed and change only the term: the monthly payment falls as the term stretches, but total interest rises every time. A payment you can afford on a term that keeps total interest reasonable is the honest target — the calculator shows both figures for every term so neither one can hide.
It is the amount the loan is actually calculated on: the vehicle price (including any taxes or fees rolled into the deal) minus your down payment and minus your trade-in value. Interest is charged on this figure only, which is why a bigger down payment or a better trade-in price lowers both the payment and the total interest.
Because interest is charged every month on whatever balance remains, and a longer term keeps the balance higher for longer. On $22,000 at 5%, an 84-month term costs $4,119.39 in interest against $1,736.98 over 36 months — you pay about $2,382.41 extra for the lower monthly payment.
In this calculator it simply reduces the amount financed, dollar for dollar, alongside the down payment. How a trade-in affects sales tax depends on local rules, which this tool does not model — if your area taxes the price after trade-in, enter the price accordingly and the financed amount will still come out right.
The annual percentage rate (APR) on the loan offer, which includes the interest rate and certain lender fees expressed as a yearly rate. If an offer quotes only a monthly or flat rate, ask the dealer for the APR in writing — flat-rate quotes make loans look much cheaper than the equivalent APR.
No. It calculates the loan only: amount financed, monthly payment and total interest. Insurance, fuel, maintenance and depreciation are real costs of owning the car, but they are not part of the finance agreement and vary too much by driver and vehicle to estimate responsibly here.
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