What will my auto loan cost?
Find your monthly payment, the total interest and the month it’s paid off.
- Your monthly payment
- $552.70
Borrowing $24,000.00 at 5% APR over 48 months costs $552.70 a month, with $2,529.75 of interest in total.
- Number of payments
- 48
- Paid off in
- October 2030
- You pay each month
- $552.70
- Payments last
- 48 months
- Loan
- $24,000.00
- Interest
- $2,529.75
- Total you’ll repay
- $26,529.75
- Paid up frontCash down, plus tax and fees not in the loan
- $6,000.00
- What the car really costsPrice, tax, fees and interest
- $32,529.75
- Months
- 48
Answer for the example date Monday, October 5, 2026. It changes to today's date when the page loads.
Your monthly payment: $552.70. Borrowing $24,000.00 at 5% APR over 48 months costs $552.70 a month, with $2,529.75 of interest in total.
How much of what you repay is interest?
Where does each payment go?
What does every payment look like?
The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use
How to calculate
Computes the monthly payment, total interest, payoff date, and full payment schedule of a fixed-rate loan for the car.
Example with the default inputs (Price of the car $30,000.00, Cash down $6,000.00, Trade-in value $0.00, Interest rate (APR) 5%, Loan start date October 5, 2026, Length of loan (months) 48, Sales tax rate 0%, Dealer and registration fees $0.00, Roll tax and fees into the loan Yes, Extra each month $0.00) on the example date Monday, October 5, 2026: Borrowing $24,000.00 at 5% APR over 48 months costs $552.70 a month, with $2,529.75 of interest in total.
Method: payment = L × r ÷ (1 − (1 + r)^−n), with L the amount borrowed, r the APR ÷ 12, and n the number of months; each month, interest = balance × r and the rest of the payment lowers the balance.
- The rate is fixed for the whole loan and interest is charged monthly at APR ÷ 12.
- Payments are made at the end of each month, starting one month after the start date.
- Sales tax is charged on the price minus the trade-in value, as most US states do.
- Extra payments go straight to the balance; the last payment is whatever is left.
- Values are not rounded to the cent between months; only the display is rounded.
Worked examples
Each example is checked against the calculator on every build.
- Price of the car $20,000.00, Cash down $0.00, Trade-in value $0.00, Interest rate (APR) 5%, Length of loan (months) 60, Loan start date 2026-10-01 gives Your monthly payment $377.42, Interest $2,645.48, Total you’ll repay $22,645.48, Paid off in 2031-10-01.Source: Consumer Financial Protection Bureau, Take control of your auto loan (auto loan guide). https://files.consumerfinance.gov/f/documents/cfpb_auto_loan_guide.pdf
- Price of the car $30,000.00, Cash down $4,000.00, Trade-in value $2,000.00, Interest rate (APR) 5%, Length of loan (months) 48, Loan start date 2026-10-01 gives Loan $24,000.00, Your monthly payment $552.70, Interest $2,529.75, Paid off in 2030-10-01.Source: Consumer Financial Protection Bureau, Take control of your auto loan (auto loan guide). https://files.consumerfinance.gov/f/documents/cfpb_auto_loan_guide.pdf
- Price of the car $30,000.00, Cash down $4,000.00, Trade-in value $2,000.00, Interest rate (APR) 0%, Length of loan (months) 48, Loan start date 2026-10-01, Sales tax rate 6%, Dealer and registration fees $500.00, Roll tax and fees into the loan no gives Loan $24,000.00, Your monthly payment $500.00, Interest $0.00, Paid up front $6,180.00, What the car really costs $32,180.00.Source: Consumer Financial Protection Bureau, Take control of your auto loan (auto loan guide). https://files.consumerfinance.gov/f/documents/cfpb_auto_loan_guide.pdf
- Price of the car $20,000.00, Cash down $0.00, Trade-in value $0.00, Interest rate (APR) 6%, Length of loan (months) 36, Loan start date 2026-10-01, Extra each month $100.00 gives Your monthly payment $608.44, Number of payments 31, Interest saved by paying extra $289.25, Months saved by paying extra 5.Source: Consumer Financial Protection Bureau, Take control of your auto loan (auto loan guide). https://files.consumerfinance.gov/f/documents/cfpb_auto_loan_guide.pdf
How the payment is worked out
The calculator uses the standard formula for a fixed-rate loan repaid in equal monthly payments:
payment = L × r ÷ (1 − (1 + r)^−n)
- L is the amount you borrow: the price, minus your cash down and trade-in value, plus the sales tax and fees when you roll them into the loan.
- r is the monthly rate: the APR divided by 12, written as a decimal (5% APR gives r = 0.05 ÷ 12).
- n is the number of monthly payments (48 for a 4-year loan).
- At 0% APR the payment is simply L ÷ n.
Each month, the interest is the balance times r. The rest of the payment lowers the balance. The last payment is whatever is left, so the principal parts add up to exactly the amount borrowed.
Assumptions
- The rate stays the same for the whole loan.
- The first payment is one month after the loan start date, and payments are made at the end of each month.
- Sales tax is charged on the price minus the trade-in value, as most US states do. Some states tax the full price; if yours does, enter a rate that gives the same tax.
- The tax and fees are borrowed when “Roll tax and fees into the loan” is on. When it is off, they are paid up front with your cash down.
- An extra monthly amount is paid with every payment and goes straight to the balance.
- If the cash down and trade-in cover the price with the tax and fees, nothing is borrowed. The page does not show the money left over; “What the car really costs” still counts the tax and fees.
- You pay each month is the payment plus the extra monthly amount (the payment alone when there is no extra). Payments last is the number of monthly payments, with any extra payments, in months. The answer sentence uses both (“over 58 months costs $612.50 a month”, “over 1 month”). The last payment is whatever is left, so it can be smaller.
- Values are not rounded to the cent from month to month. Only the display is rounded, so a lender’s schedule can differ by a few cents.
Worked examples by hand
$20,000 over 60 months at 5% APR. r = 0.05 ÷ 12 = 0.0041667 and n = 60. (1 + r)^−60 = 0.779205. The payment is 20,000 × 0.0041667 ÷ (1 − 0.779205) = $377.42. Sixty payments total $22,645.48, so the interest is $2,645.48. The last payment is in October 2031 for a loan that starts on October 1, 2026.
A $30,000 car with $4,000 down and a $2,000 trade-in. That leaves L = $24,000 (the same loan as the page’s default: $30,000 with $6,000 down). At 5% APR over 48 months, (1 + r)^−48 = 0.819071, so the payment is 24,000 × 0.0041667 ÷ (1 − 0.819071) = $552.70. The interest is 48 × 552.70 − 24,000 = $2,529.75.
Tax and fees paid up front, 0% APR. Same car, 6% sales tax and $500 of fees, not rolled in. The tax is 6% × (30,000 − 2,000) = $1,680. You borrow $24,000 and pay 24,000 ÷ 48 = $500 a month. Up front you pay 4,000 + 1,680 + 500 = $6,180. The car really costs 30,000 + 1,680 + 500 = $32,180.
Extra payments. $20,000 over 36 months at 6% APR has a payment of 20,000 × 0.005 ÷ (1 − 1.005^−36) = $608.44. Paying $100 more each month, apply the monthly rule (interest = balance × 0.005, the rest of $708.44 lowers the balance) until the balance runs out: that takes 31 payments, 5 fewer than 36. Without the extra, the interest is 36 × 608.44 − 20,000 = $1,903.79; with it, the 31 months of interest add up to $1,614.55, so the extra saves $289.25.
Other questions people ask
How do I calculate auto loan payments?
Auto loan payments are calculated using the formula: P = L[c(1 + c)^n]/[(1 + c)^n - 1], where P is the monthly payment, L is the loan amount, c is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. Our calculator handles this automatically when you enter the loan amount, interest rate, and loan term.
What's the difference between APR and interest rate?
The interest rate is the basic cost of borrowing money, while APR (Annual Percentage Rate) includes the interest rate plus any additional fees like origination fees, processing fees, and other loan costs. APR gives a more complete picture of the loan's true cost. Always compare APRs when shopping for auto loans.
How does a down payment affect my auto loan?
A larger down payment reduces your loan amount, which lowers your monthly payments and total interest costs. For example, on a $25,000 car, a $5,000 down payment means you only finance $20,000. This could save you hundreds or thousands in interest over the loan term.
What is the best auto loan term length?
Shorter loan terms (36-48 months) typically have lower interest rates and less total interest paid, but higher monthly payments. Longer terms (60-72 months) have lower monthly payments but higher total interest costs. Choose based on your budget and how long you plan to keep the vehicle.
How does my credit score affect auto loan rates?
Your credit score significantly impacts your auto loan interest rate. Lenders usually offer lower rates to borrowers with higher scores, so the same loan can cost much more with a low score. Improving your credit score before applying can save thousands in interest.
Should I get pre-approved for an auto loan?
Yes! Getting pre-approved gives you negotiating power at the dealership and helps you know your budget. Pre-approval shows you're a serious buyer and can help you avoid high-pressure sales tactics. Compare rates from multiple lenders before choosing.
What is negative equity and how does it work?
Negative equity occurs when you owe more on your current car than it's worth. If you trade in a car with negative equity, the remaining balance gets added to your new loan. This increases your new loan amount and monthly payments. It's often better to pay off negative equity before trading in.
Are there prepayment penalties on auto loans?
Some auto loans have a prepayment penalty: a fee for paying the loan off early. Always check your loan agreement or contact your lender before making extra payments, and you can ask to have the penalty removed before you sign. A penalty can offset or eliminate your interest savings from early payoff.
How do I calculate the total cost of my auto loan?
The total cost includes the principal amount plus all interest paid over the loan term. Our calculator shows this as 'Interest' and 'Total you’ll repay'. For example, a $20,000 loan at 5% for 60 months costs $2,645 in interest, making the total cost $22,645.
What should I consider when choosing between leasing and buying?
Leasing typically has lower monthly payments but you don't own the car. Buying builds equity and you own the vehicle after the loan is paid. Consider your driving habits, how long you keep cars, and whether you want to customize or modify the vehicle. Leasing is often better for those who want a new car every few years.