Finance
Auto Loan Calculator
Calculate your monthly car payment with US state sales tax, trade-in, fees, and a full amortization schedule.
Monthly payment
$668
for 60 months at 7.5% APR
Loan breakdown
Loan amount
$33,338
Sales tax
7.25% on (price − trade-in)
$2,538
Total payments
$40,081
Total interest
$6,743
Cash due at signing
Down + fees
$5,800
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $668 | $460 | $208 | $32,878 |
| 2 | $668 | $463 | $205 | $32,415 |
| 3 | $668 | $465 | $203 | $31,950 |
| 4 | $668 | $468 | $200 | $31,482 |
| 5 | $668 | $471 | $197 | $31,010 |
| 6 | $668 | $474 | $194 | $30,536 |
| 7 | $668 | $477 | $191 | $30,059 |
| 8 | $668 | $480 | $188 | $29,579 |
| 9 | $668 | $483 | $185 | $29,096 |
| 10 | $668 | $486 | $182 | $28,609 |
| 11 | $668 | $489 | $179 | $28,120 |
| 12 | $668 | $492 | $176 | $27,628 |
| 13 | $668 | $495 | $173 | $27,133 |
| 14 | $668 | $498 | $170 | $26,634 |
| 15 | $668 | $502 | $166 | $26,133 |
| 16 | $668 | $505 | $163 | $25,628 |
| 17 | $668 | $508 | $160 | $25,120 |
| 18 | $668 | $511 | $157 | $24,609 |
| 19 | $668 | $514 | $154 | $24,095 |
| 20 | $668 | $517 | $151 | $23,578 |
| 21 | $668 | $521 | $147 | $23,057 |
| 22 | $668 | $524 | $144 | $22,533 |
| 23 | $668 | $527 | $141 | $22,006 |
| 24 | $668 | $530 | $138 | $21,475 |
| 25 | $668 | $534 | $134 | $20,942 |
| 26 | $668 | $537 | $131 | $20,404 |
| 27 | $668 | $540 | $128 | $19,864 |
| 28 | $668 | $544 | $124 | $19,320 |
| 29 | $668 | $547 | $121 | $18,773 |
| 30 | $668 | $551 | $117 | $18,222 |
| 31 | $668 | $554 | $114 | $17,668 |
| 32 | $668 | $558 | $110 | $17,110 |
| 33 | $668 | $561 | $107 | $16,549 |
| 34 | $668 | $565 | $103 | $15,985 |
| 35 | $668 | $568 | $100 | $15,417 |
| 36 | $668 | $572 | $96 | $14,845 |
| 37 | $668 | $575 | $93 | $14,270 |
| 38 | $668 | $579 | $89 | $13,691 |
| 39 | $668 | $582 | $86 | $13,108 |
| 40 | $668 | $586 | $82 | $12,522 |
| 41 | $668 | $590 | $78 | $11,933 |
| 42 | $668 | $593 | $75 | $11,339 |
| 43 | $668 | $597 | $71 | $10,742 |
| 44 | $668 | $601 | $67 | $10,141 |
| 45 | $668 | $605 | $63 | $9,536 |
| 46 | $668 | $608 | $60 | $8,928 |
| 47 | $668 | $612 | $56 | $8,316 |
| 48 | $668 | $616 | $52 | $7,700 |
| 49 | $668 | $620 | $48 | $7,080 |
| 50 | $668 | $624 | $44 | $6,456 |
| 51 | $668 | $628 | $40 | $5,828 |
| 52 | $668 | $632 | $36 | $5,197 |
| 53 | $668 | $636 | $32 | $4,561 |
| 54 | $668 | $640 | $29 | $3,922 |
| 55 | $668 | $644 | $25 | $3,278 |
| 56 | $668 | $648 | $20 | $2,631 |
| 57 | $668 | $652 | $16 | $1,979 |
| 58 | $668 | $656 | $12 | $1,324 |
| 59 | $668 | $660 | $8 | $664 |
| 60 | $668 | $664 | $4 | $0 |
How auto loans work
An auto loan is a fixed-payment, fixed-rate amortizing loan. You borrow the vehicle price (minus your down payment and trade-in equity), pay sales tax on the difference (in most US states), and pay it back in equal monthly installments over the loan term — typically 36 to 72 months.
Early in the loan most of your payment goes to interest. Later, more goes to principal. That's why making extra principal payments early — or choosing a shorter term — saves far more interest than paying extra near the end.
Frequently Asked Questions
How are auto loan payments calculated?▾
Standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1]. M is monthly payment, P is loan amount, r is monthly rate (APR / 12), n is total months. Each month, part of the payment goes to interest and part to principal — the principal share grows over time.
How does trade-in value affect my loan?▾
Trade-in value reduces both your loan amount and (in most US states) the amount of sales tax you pay. If you still owe money on your trade-in (negative equity), that balance gets rolled into the new loan or paid out of pocket.
Should I roll sales tax into the loan?▾
You will pay slightly more in interest if you do (you're financing the tax), but you keep more cash up front. If your APR is low (under 5%) the extra interest is small. If your APR is high (over 8%), pay tax in cash if you can.
What credit score do I need for the best auto loan rate?▾
Generally: 720+ for the lowest rates (super prime), 660–719 for prime, 600–659 for near-prime, below 600 is subprime. Subprime borrowers can pay 10–20% APR. Always shop with multiple lenders within 14 days — credit bureaus treat this as one inquiry.
How long should an auto loan be?▾
The shortest term you can comfortably afford. 36–48 months is ideal — you build equity faster and pay much less interest. 72 and 84 month loans are popular but you risk being underwater (owing more than the car is worth) for years.