Free car payment calculator — calculate your monthly auto loan payment instantly with trade-in, down payment, interest rate, and loan term. 100% free, no signup required.
Plan your car purchase with confidence. See exactly what you'll pay each month and how much total interest you'll pay over the life of the loan.
Use this calculator before visiting the dealership so you know your budget and can negotiate from a position of knowledge.
Key Features & Benefits
- Monthly Payment Calculation — Enter vehicle price, down payment, trade-in value, interest rate, and loan term to calculate your exact monthly payment.
- Full Amortization Schedule — View month-by-month breakdown of principal, interest, and remaining balance over the entire loan term.
- Trade-In & Down Payment — Factor in your trade-in value and down payment to see how they reduce your monthly payment and total interest.
- Multiple Scenarios — Compare different loan terms (36, 48, 60, 72, 84 months) and interest rates side-by-side to find the best deal.
Frequently Asked Questions
How is a car payment calculated?
Monthly car payments are calculated using the loan amount (vehicle price minus down payment and trade-in), interest rate (APR), and loan term in months. The formula uses amortization — each payment covers both interest and principal, with more going to interest early in the loan.
What is a good monthly car payment?
Financial experts recommend keeping your car payment under 15% of your monthly take-home pay. For someone earning $4,000/month after taxes, that means a maximum payment around $600. Don't forget to budget for insurance, fuel, and maintenance too.
Does a larger down payment lower my monthly payment?
Yes. A larger down payment directly reduces your loan amount, which lowers both your monthly payment and the total interest you pay over the life of the loan. Even an extra $1,000 down can save hundreds in interest.
Is a longer loan term better?
Longer terms (72-84 months) mean lower monthly payments but significantly more total interest. A 72-month loan at 6% costs about 25% more in total interest than a 48-month loan. Choose the shortest term you can afford.
How much should I put down on a car?
Financial experts recommend 20% down on a new car and 10% on a used car. A larger down payment reduces your monthly payment, total interest, and the risk of being underwater (owing more than the car is worth). At minimum, cover tax, title, and fees with your down payment.