Auto Loan Calculator
Estimate your monthly auto loan payment and total interest using the same amortization math as a mortgage, applied to a shorter, dollar-quoted term.
Monthly Payment
$547.85
- Loan amount
- $28,000
- Total interest
- $4,871
- Total payment
- $32,871
Assumptions
- Fixed APR for the full loan term
- Down payment is a dollar amount, not a percentage
- Does not include sales tax, registration, or dealer fees
How it's calculated
Monthly payment = P * r / (1 - (1 + r)^-n), where P is (vehicle price − down payment), r is the monthly interest rate, and n is the loan term in months.
Worked example
A $32,000 vehicle with $4,000 down leaves a $28,000 loan. At 6.5% APR over 60 months, the monthly payment is a few hundred dollars, shown live above.
Frequently asked questions
Why is the down payment a dollar amount here, but a percentage on the mortgage calculator?
Auto loans are conventionally quoted with a dollar down payment; mortgages with a percentage. Both use the same underlying amortization engine.