Auto loan calculator

Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount you borrow, r is the annual interest rate divided by 12, and n is the number of monthly payments. For $30,000 at 6% over 60 months, r is 0.005 and the payment is $579.98. Over the 60 payments you pay $4,799.09 in interest.

The amount you borrow is the price, minus your down payment and your trade-in's value, plus anything you still owe on the trade-in, plus the sales tax and fees if you put them in the loan.

Most car loans charge simple interest: each month's interest is worked out on the balance you still owe. As the balance falls, less of each payment goes to interest and more to principal, as the schedule shows. A lender that counts interest by the day can differ from it by a few dollars.

Sales tax, fees and your trade-in

Most states charge sales tax on the price minus your trade-in. Some tax the full price, including California and Virginia; choose “The full price” there. Oregon has no sales tax, but new cars sold by Oregon dealers carry a 0.5% vehicle privilege tax. Check the rate with your state's DMV or the dealer, and add the title, registration and documentation fees from the buyer's order.

If you owe more than your trade-in is worth

The difference, called negative equity, is added to the new loan, so you pay interest on it too. Enter the trade-in's value and what you still owe, and the calculator includes it.

Longer terms: a lower payment, more interest

The table under the calculator shows the same loan over 36 to 84 months. A longer loan lowers the payment, but you pay more interest and are more likely to owe more than the car is worth. At 6%, $30,000 over 84 months is $438.26 a month and $6,813.47 in interest. Edmunds found that 23.9% of new-car buyers in the second quarter of 2026 took loans of 84 months or longer.

Refinancing a car loan

Choose “Refinancing” and enter what you owe, your payment and your rate. The calculator works out how many payments you have left, then compares the rest of your current loan with the new one, fees included. A lower rate can save money once fees and the new term are counted. A longer term can lower the payment but cost more in all, and the result says so.

Source: Experian, average car payment, from its State of the Automotive Finance Market report for the second quarter of 2026, checked September 2026. Edmunds puts the averages for the same quarter a little higher, at $777 for a new car and $576 for a used one.

Source: Experian, average car loan interest rates by credit score (VantageScore 4.0), checked September 2026. Pick your score in the calculator to start from its average.

Experian suggests putting down at least 20% on a new car and at least 10% on a used one, and Kelley Blue Book calls 20% standard. A bigger down payment lowers the payment and the interest, and makes it less likely that you'll owe more than the car is worth as it loses value.

Many buyers put down less. Edmunds found the average down payment in the second quarter of 2026 was $5,815 on a new car, 11.6% of the price, and $4,016 on a used car. Use the 10% and 20% buttons to see what each does to your payment.

A common rule of thumb, 20/4/10, is 20% down, a loan of 4 years or less, and car costs under 10% of your monthly income. Experian puts that last part at 10% to 15%. It's a guide, not a rule that lenders use.

How do I calculate my car payment?

Enter the price, your down payment, the loan term and the interest rate in the calculator. It works out the loan amount, then the monthly payment with the standard amortization formula, and shows the interest and total cost. Add sales tax, fees and a trade-in for a closer estimate.

What is the average car payment?

$765 a month for a new car and $542 for a used car in the second quarter of 2026, according to Experian. The average new-car loan was $43,610 over 69.5 months, at an average APR of 6.35%.

How much should I put down on a car?

Experian suggests at least 20% on a new car and 10% on a used car. On a $35,000 new car that's $7,000. If you put down less, the payment and interest are higher, and you're more likely to owe more than the car is worth.

Can you use a credit card for a down payment on a car?

Often, if the dealer agrees. Experian says some dealers cap how much you can charge because they pay card processing fees, and some don't take cards for large amounts at all. A big charge raises your credit utilization, which can lower your score, and card rates are far higher than auto loan rates, so it only makes sense if you can pay the card off right away. A cash advance or convenience check usually costs a 3% to 5% fee and starts charging interest at once.

What's a good interest rate for a used car loan?

The average APR on a used car loan was 11.19% in the second quarter of 2026, against 6.35% for a new car, according to Experian. With a credit score from 781 to 850 it averaged 6.29%, and from 501 to 600, 19.10%. Choose a used-car rate in the calculator's list to start from it.

Is it worth refinancing a car loan?

It can be, if you get a lower rate. Experian found the average refinanced loan in the second quarter of 2026 had a rate of 7.97%, down from 10.40% on the original loans. The CFPB warns that stretching the term lowers the payment but can mean more interest, and that your current loan may have a prepayment penalty. Choose “Refinancing” above to compare, fees included.