Monthly payment
$586.98
60-month loan on $30,000.00 financed
Amount financed
$30,000.00
Total interest
$5,219.07
Total out-of-pocket
$40,219.07
Excludes sales tax, registration, insurance, and dealer fees. Rates vary by lender โ not financial advice.
Two scenarios
Save the numbers on the form into A and B. Both stay in this browser.
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How this calculator works and what to know before using it
What this calculator does
Estimates car loan payments from vehicle price, down payment, trade-in, interest rate, and term.
Understanding your result
Monthly payment reflects only the financed amount after down payment and trade-in. A lower payment from a longer term usually means paying more interest overall.
How to use it
- Enter vehicle price, down payment, and trade-in value.
- Set interest rate and loan term in months.
- Review monthly payment and total interest.
Formula used
Fixed-rate loan payment
Amount financed = price โ down payment โ trade-in ยท M = P ร [r(1+r)โฟ] / [(1+r)โฟ โ 1]
Source. The payment is principal times the rate per period times (1 + that rate) raised to the number of periods, divided by that same power minus 1. A zero rate divides the principal by the number of periods. The amount financed is the price minus the down payment minus the trade-in.
Updated November 1, 2026
Example
A $35,000 car with $5,000 down at 6.5% for 60 months on $30,000 financed โ $588/month.
Good to know
- Does not include sales tax, registration, or insurance.
- Longer terms lower the payment but increase total interest.
Common questions
- Does trade-in value reduce what I finance?
- Yes. Trade-in and down payment both reduce the amount financed, which lowers your monthly payment and total interest.
- Is a 72-month car loan a good idea?
- It lowers the monthly payment but often costs more in interest and may leave you owing more than the car is worth early in the loan.
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