Auto Loan Inputs
Estimate your financed amount, monthly payment, total interest, and the potential savings from paying extra each month.
Auto Loan Calculator
Estimate car loan payments, total interest, payoff timing, and savings from extra payments
Formula Summary
Trade-in equity = trade-in value - remaining payoff
Amount financed = price + (price x tax rate) + fees - down payment - trade-in equity
Monthly payment = P x r / (1 - (1 + r)^(-n))
Total interest = scheduled payments - amount financed
Extra-payment savings = scheduled interest - accelerated interest
How It Works
This calculator models a typical vehicle purchase using the price, taxes, fees, down payment, trade-in equity, APR, and loan term you enter.
Use the extra-payment input to see how a little more each month can shorten payoff time and reduce interest.
- Trade-in equity = trade-in value - remaining payoff.
- Amount financed = vehicle price + sales tax + fees - down payment - trade-in equity.
- Monthly payment uses standard fixed-rate loan amortization.
- Total interest compares scheduled payments with the financed principal.
- Extra-payment savings are estimated by simulating the accelerated payoff.
Example Calculations
New vehicle purchase
$32,000 price, $4,000 down, $6,000 trade-in with $2,000 payoff, 8% tax, 6.9% APR, 60 months
About $517/month before extra payments, with roughly $5,500 in scheduled interest
Trade-in equity reduces the amount financed, but taxes and fees still increase the loan balance.
Shorter term
$28,000 financed at 6.5% APR for 48 months instead of 72 months
Higher monthly payment but materially less total interest
Compare total interest and budget flexibility, not just the required monthly payment.
Extra-payment strategy
$25,000 financed at 7% APR for 60 months with an additional $75/month
Loan can finish several months early and save interest
Small recurring extra payments can reduce interest without changing the original loan term.
Frequently Asked Questions
Does this include sales tax and dealer fees?
Yes. Enter a sales tax rate and fees to include them in the estimated amount financed. Actual lender and dealer disclosures may use different taxable items.
How does trade-in payoff affect the loan?
Trade-in value reduces the purchase cost, while any remaining payoff reduces the equity you bring to the transaction.
What does extra monthly payment mean?
It is an additional principal payment made every month on top of the required payment. The estimate assumes no prepayment penalty.
Is this a lender quote?
No. This is a planning estimate. Confirm APR, taxes, fees, payment timing, and prepayment terms with the lender before signing.
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