Auto Loan Calculator
Work out your car payment including down payment, trade-in, and sales tax.
Inputs
Monthly Payment
$641.02
Amount Financed
$32,450.00
Sales Tax
$2,450.00
Total Interest
$6,011.14
Step by step
Vehicle price
= $35,000.00
Sales tax on vehicle price
$35,000.00 × 7.00%
= $2,450.00
Amount financed: Price + Tax − Down Payment − Trade-in
$35,000.00 + $2,450.00 − $5,000.00 − $0.00
= $32,450.00
Monthly interest rate: APR ÷ 12
6.90% ÷ 12
= 0.5750%
Monthly payment: M = P · r / (1 − (1+r)⁻ⁿ)
$32,450.00 × 0.005750 ÷ (1 − (1 + 0.005750)⁻60)
= $641.02
Total interest: Total Paid − Amount Financed
$38,461.14 − $32,450.00
= $6,011.14
How it works
The amount financed equals the vehicle price plus sales tax, minus your down payment and any trade-in value. That balance is then amortized across your chosen term at the given APR.
Formulas
Amount financed
Financed = Price + Tax − Down Payment − Trade-in
- F
- Amount financed (loan principal)
- P_price
- Vehicle purchase price
- T_tax
- Sales tax = Price × Tax Rate
- D
- Down payment
- V
- Trade-in value
Monthly payment
M = F · r / (1 − (1+r)^−n)
- M
- Monthly payment
- r
- Monthly interest rate = APR ÷ 12
- n
- Loan term in months
Estimates only and not financial advice. Confirm tax and financing terms with your dealer and lender.
Frequently Asked Questions
Does trade-in reduce sales tax?
In many U.S. states a trade-in reduces the taxable amount, but rules vary. This calculator applies sales tax to the full vehicle price to stay conservative.
What term should I choose?
Shorter terms mean higher monthly payments but far less total interest. Longer terms lower the payment but cost more overall.