Auto Loan Payment CalculatorUse this calculator to help you determine your monthly auto loan payment. After you have entered your current information, use the graph options to see how different loan terms or downpayments can impact your monthly payment. You can also examine your complete loan amortization schedule by clicking on the "View Report" button.
Auto Loan Calculator Definitions
- Monthly payment - Monthly auto loan payment.
- Total purchase price (before tax) - This is the total cost of your auto purchase. Include the cost of the vehicle, any additional options, and any destination charges. Don't include sales tax in this amount. Sales tax will be calculated for you and included in your total after tax price.
- Term in months - Number of months for this auto loan.
- Interest rate - Annual interest rate for this auto loan.
- Cash down - Total amount of cash used in this auto purchase. The larger your cash down payment the smaller the loan you will need to finance this purchase.
- Trade allowance - The total amount that you are given for any automobile that you trade-in as part of this purchase. In some states a trade-in can also reduce the amount of sales tax you will owe. See the definition for "Sales tax deduction for trade-in" for more information on trade-in vehicles and sales tax.
- Amount owed on trade - Total auto loan balance still outstanding on the trade-in.
- Non-taxable fees (optional) - Any additional fee that is not subject to sales tax. This usually includes document fees or any other fees that may be due at delivery and are not taxable.
- Taxable fees (optional) - Any additional fee that is subject to sales tax. This usually includes title transfer fees or any other fees that may be due at delivery and are taxable.
- Sales tax rate - Sales tax percentage rate charged on this purchase.
- No sales tax deduction for trade-in - If you live in a state where your sales tax is calculated on your full purchase price, check this box. If this box is unchecked, sales tax is calculated on the purchase price less trade in. Currently California, the District of
Columbia, Hawaii, Maryland, and Michigan allow no deductions for auto trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on autos.
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