Skip to content
Money Scale

Auto Loan Calculator

Monthly payment + total interest with trade-in and tax.

PrivateFreeSourcedReviewed

Monthly payment

$677.10

/mo
$35,000 car · $3,500 down · 7.52% APR for 60 months
Loan amount
$33,775
Total interest
$6,851
Total paid
$40,626

Over 60 months you'd pay $40,626 for $33,775 borrowed — $6,851 of it (17%) is interest. Sales tax adds $2,275 up front.

Try a what-if

Balance owed vs interest paidOver the 60-month loan.
1y2y3y4y5y$0$7K$14K$21K$28K
  • Balance
  • Interest

Your numbers

$35,000

$3,500

7.52% APR

Default 7.52%Federal Reserve G.19 — Consumer Creditas of May 2026 release (March 2026 data)

60 months (5 years)

Trade-in & sales tax$0 trade-in · 6.50% tax

$0

6.50% local sales tax

Next steps

The Auto Loan Calculator computes your monthly payment, total interest, and remaining-balance curve from vehicle price + sales tax − down payment − trade-in, financed at your APR over your term. The default rate tracks the Federal Reserve G.19 average for 60-month new car loans (cited inline below the rate field) — but your actual rate depends heavily on credit score and shopping multiple lenders.

How this calculator works

  1. Enter the vehicle price (out-the-door before tax).
  2. Add local sales tax (6–9% in most US states; 0% in OR, MT, NH, DE, AK).
  3. Subtract down payment + trade-in equity to compute the amount financed.
  4. Set the APR — get a quote from your bank or credit union BEFORE going to the dealer (this is the strongest negotiation lever).
  5. Pick the term in months. 60 months (5 years) is the longest most financial planners recommend; longer means being underwater for most of the loan.

loan = (price × (1 + tax_rate)) − down_payment − trade_in M = loan × [r(1+r)ⁿ / ((1+r)ⁿ − 1)]

Compute the amount financed (price + tax minus down + trade-in), then apply the standard fixed-rate amortization formula to get the monthly payment. Same math as a mortgage but a shorter term.

price
Vehicle out-the-door price
tax_rate
Local sales tax rate
down_payment
Cash down
trade_in
Equity in your current vehicle (negative if underwater — don't roll it in)
r
Monthly rate (APR/12)
n
Number of payments (term in months)

Frequently asked questions

How long should an auto loan be?

Keep it 60 months or less if possible. Anything longer often means you owe more than the car is worth for most of the loan ('underwater'), which traps you if you need to sell. The cheaper monthly payment is rarely worth the lifetime interest.

Should I roll my trade-in negative equity into a new loan?

Almost never. Rolling negative equity stacks debt onto a depreciating asset — you start the new loan already underwater. Better options: drive the current car until you're above water, or pay the gap off in cash before trading.

Is a 0% APR offer worth it?

Often, but check the alternative. Many dealers offer either 0% APR OR a manufacturer rebate (often $1,000-$3,000). Compare your total cost both ways — sometimes the rebate-plus-cheap-financing path wins.

Sources used in this calculator

Reviewed by the Money Scale editorial team. How we source our data

Related calculators

See all

Free newsletter

Money Scale Weekly — one chart, one idea, every week.

A short, plain-English read on saving, investing and compounding, with the numbers run for you. Free.

Subscribe freeFree. One email a week. No spam — unsubscribe in one click.