Personal Loan Calculator
Repayment estimates and APR comparison support.
OpenAuto Loan Calculator
Estimate car loan payments, compare common terms, and see how down payment changes total cost.
Estimated monthly payment$0Principal and interest only
Total interest$0
Total paid$0
Loan amount$0
Down payment share0%
48 months$0
60 months$0
72 months$0
Loan insights
| Month | Payment | Principal | Interest | Balance |
|---|
What a car loan really costs
This calculator works out the monthly payment and total interest on a car loan from the price, your down payment, the APR and the term in months. It also shows the payment at 48, 60 and 72 months, because the term is where most car buyers overpay.
Dealers often quote a monthly payment first. Starting from the price and total interest instead keeps the focus on what the car actually costs you.
Worked example with the default values
A $30,000 car with a $5,000 down payment leaves $25,000 to finance at 7.2% APR.
| Term | Monthly payment | Total interest |
|---|---|---|
| 48 months | $600.98 | $3,847 |
| 60 months | $497.39 | $4,844 |
| 72 months | $428.63 | $5,861 |
Stretching from 48 to 72 months lowers the payment by about $172 but adds roughly $2,000 of interest, and leaves you owing more than the car is worth for longer. Raising the down payment to $10,000 on a 60-month loan cuts the payment to $397.91 and total interest to $3,875.
Ways to pay less
- Get pre-approved by a bank or credit union before visiting the dealer, so you can compare the dealer’s rate.
- Negotiate the price, not the payment. A lower monthly figure can hide a longer term or add-ons.
- Keep the term as short as you can afford, ideally 60 months or less.
- Check add-ons such as extended warranties and GAP insurance, which are often cheaper elsewhere if you need them.
Want the full explanation? Read our guide: Debt-to-Income Ratio: What Lenders Look For.
How to use the Auto Loan Calculator
- Enter the vehicle price, down payment, interest rate, and loan term.
- Check how a larger down payment or shorter term changes the monthly payment and total cost.
- Use the result to compare the car choice, not just the finance offer.
Auto loan payment formula
Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P: Loan amount after down payment or trade-in
- r: Monthly interest rate
- n: Total monthly payments
A shorter term usually raises the monthly payment but reduces total interest paid over the life of the loan.
Quick planning notes for the Auto Loan Calculator
Monthly car payments, total interest, and term comparison. Start with a realistic baseline, then change one input at a time to see how the result moves. That makes it easier to compare scenarios and spot the trade-offs that matter most.
Loan planning tips
- Compare the same loan across at least two different terms before committing to a monthly payment.
- Check whether a slightly higher payment could reduce total interest materially over the life of the loan.
- Use the result as a planning estimate, then confirm lender fees, APR, and insurance costs separately.
Keep in mind
These results are designed for educational planning. Real-world figures can change based on official rates, lender fees, tax treatment, insurance, and personal circumstances.
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Frequently asked questions
Does this include sales tax and fees?
No. Add sales tax, registration and dealer fees to the vehicle price if you plan to finance them.
Is 0% financing a good deal?
It can be, but it often replaces a cash rebate. Compare the 0% offer with taking the rebate and financing elsewhere at a low rate.
What does “upside down” on a car loan mean?
It means owing more than the car is worth. Long terms and small down payments make this more likely, which matters if the car is written off or you want to sell early.
Can I pay off a car loan early?
Most simple-interest auto loans allow it without a penalty, and extra payments reduce total interest. Check your contract to be sure.
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