How it works
P is the amount you finance, r is the monthly interest rate, and n is the number of monthly payments. The calculator assumes one rate for the whole loan and payments at the end of each month. Interest is charged on what you still owe, and whatever is left of each payment goes to principal.
Each row of the schedule rounds interest and payment to cents, and the last installment clears the balance. Extra payments go to principal after that month's interest, so they can shorten the loan. The regular payment stays visible next to your extra amount so you can tell what's required from what's voluntary. If your down payment and trade credit cover the whole cost and the old loan, the financed amount is zero, and any leftover credit is shown separately rather than promised as a cash refund.
Calculate a used-car payment with taxes, fees and a trade-in
Enter financed sales tax as a dollar amount, then itemize title, registration and other financed charges. Enter each charge once. Use the US sales tax and fee calculator to plan a tax estimate with your verified rate. The loan form does not infer a state rate or trade-in tax deduction.
For an illustrative $25,000 car, $5,000 down payment, $1,500 financed tax, $100 title fee, $200 registration and $300 other fees, the amount financed is $22,100 before a trade. A $6,000 trade with an $8,000 payoff adds $2,000 of negative equity, making the loan $24,100. These amounts are examples, not DMV charges or a lender offer.
| Component | Amount |
|---|---|
| Vehicle price | $25,000 |
| Financed sales tax | $1,500 |
| Title + registration + other financed fees | $600 |
| Outstanding trade loan minus trade allowance | $2,000 |
| Down payment | −$5,000 |
| Amount financed | $24,100 |
Check this borrowing amount against your car affordability budget and monthly ownership costs. Buying privately? Follow the private-seller loan and title-transfer steps before committing.
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Enter price, down payment, interest rate, and term.
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Standard amortization estimates monthly payments.
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The formula behind the estimate
Every result starts with a defined model and visible assumptions.
P = max(0, price + financed sales tax + title + registration + other financed fees + old loan payoff − down payment − trade allowance) r = annual interest rate ÷ 1,200 M = P × r ÷ (1 − (1 + r)^(−n)) At 0% interest: M = P ÷ n
A worked example
A $25,000 car with $5,000 down, no trade, no financed fees and a 7% annual interest rate means a $20,000 loan. Over 60 months the estimated regular payment is $396.02. The 7% is an illustration, not a current offer. Adding $100 a month pays the balance down sooner and cuts the modeled interest.
How do the rate and the loan term work together?
APR and the contract interest rate are related, but they're not always the same number. APR folds in certain borrowing costs, while the monthly payment math needs the rate that actually accrues interest. Enter the contract rate if you have it. If you only know the APR, using it as the rate gives a rough answer, and it's less accurate when prepaid fees are large. Compare the lender's Truth in Lending disclosures before you sign.
A longer loan spreads the principal over more months, which usually lowers the required payment but raises total interest when the rate and amount stay the same. You also owe money for longer. Use the term comparison to decide whether a cheaper car or a bigger down payment beats stretching the repayment.
Why might my lender's schedule look different?
Many auto loans charge simple interest daily, so the number of days between payments, the first due date, and paying early or late can all shift how a payment is split. This tool uses whole monthly periods, which makes it a budgeting estimate and not a payoff statement. Don't send a final payment based on the last row alone.
If your trade is worth less than you owe on it, the shortfall (negative equity) gets added to the new amount financed. That can leave you owing more than the new car is worth. Compare the new loan balance with a cautious resale estimate, and think about whether waiting would reduce that risk.
What's in an out-the-door price?
The out-the-door price is everything you pay to drive the car away: the vehicle price, sales tax, title and registration fees, and any dealer documentation fee, minus rebates. Your down payment and trade-in then come off that total, and what's left is the amount you actually finance. Ask for the out-the-door figure in writing before you talk about monthly payments, because a payment can look fine while the fees are doing the damage.
Here's an illustrative example, not a quote. A $20,000 used car with 7% sales tax adds $1,400. Add $150 for title and registration and a $350 documentation fee and the out-the-door price is $21,900. Put $3,000 down and you finance $18,900. Your tax rate, fees and which of them are taxable will differ, so enter the verified amounts from your own written offer.
How much does the loan term change the cost?
Using that same $18,900 at an illustrative 7% rate: 48 months is about $452.58 a month and $2,824.03 of interest; 60 months is about $374.24 and $3,554.56; 72 months is about $322.23 and $4,300.29. Going from 48 to 72 months lowers the payment by roughly $130 a month, but you pay about $1,476 more in interest and owe money on an older car for two more years.
A cheaper payment isn't automatically a better deal. If the longer term is the only way the payment fits, treat that as a signal to look at a lower price or a bigger down payment. Change the term above to see your own numbers.
Estimate early payoff savings
Enter an extra monthly payment in the calculator above. We compare it with the same loan without extra payments and show estimated interest saved and months saved. The regular payment stays the same; the final payment is capped at the remaining balance plus that month’s interest.
This assumes extra money reduces principal immediately. It excludes prepayment charges, changing rates and daily interest timing. Confirm the lender’s payment instructions and request a dated settlement quote before paying off a real loan.
Review your repayment results or read our guide to comparing car loans.
Questions worth asking
Can I calculate a 0% car loan?
Yes. At zero interest the principal is simply divided by the number of payments, and the last payment absorbs any rounding. Check whether taking a promotional rate means giving up a rebate.
Are sales tax and dealer fees included in the loan?
Only the dollar amounts you enter as financed sales tax, title, registration and other financed charges. Enter each cost once, and leave cash-paid charges out. The tax estimator can help you work out tax at a rate you've verified first.
Does an extra payment lower my regular payment?
No, not in this model. It lowers the balance and can shorten the loan. Lenders handle prepayments differently, so ask whether extra money is applied to principal only.
What happens if I owe more than my trade is worth?
The difference is added to the amount you finance. For example, a $5,000 trade with an $8,000 payoff adds $3,000 before any other purchase costs.
Is this a loan approval or a rate quote?
No. The tool doesn't check your credit, contact lenders or find offers. Eligibility and contract terms come from a real lender's decision.
This is general information, not personalized financial advice. Read the limitations.