Your estimate
$516.38 estimated payment
Auto loan estimate includes price, tax, fees, down payment, and trade-in before amortization.
Help
Estimate a car payment with down payment, trade-in, sales tax, fees, interest rate, and term.
About this calculator
How it works
It adds sales tax and fees to the vehicle price, subtracts your down payment and trade-in, and spreads what is left over the loan term at your interest rate. The result is the payment you will owe each period and the total interest you will pay.
A worked example
A $28,000 car with $3,000 down, a $1,500 trade-in, 6.5% sales tax and $450 in fees leaves $25,770 to borrow. At 7.5% for 60 months the payment is $516.38 a month, and you pay $5,212.68 in interest, for $30,982.68 in total.
How much car can I afford?
A common rule is to keep all car costs, including insurance and gas, under about 15% of your take-home pay. Put the payment into your monthly budget first and see what is left for savings and debt.
Is a longer loan term better?
A longer term lowers the monthly payment but raises the total interest, and you can owe more than the car is worth for longer. Compare 48 and 72 months here to see the difference.
Should I pay sales tax up front?
Paying tax and fees in cash means you do not pay interest on them. If you roll them into the loan, this calculator includes them in the amount borrowed.
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