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CalcTortoise

Auto Loan Calculator

Enter the car price, your trade-in and the loan terms to see the monthly payment, the total cost and any interest you can deduct.

Written by the CalcTortoise editorial team · How we work

Assumed: 6% sales tax. Change

State plus local. Most states tax the price less your trade-in.

months

New vehicle assembled in the US?

Filing status

Amortization schedule

YearPrincipalInterestBalance
Year 1$4,968$1,852$23,732
Year 2$5,327$1,492$18,405
Year 3$5,712$1,107$12,693
Year 4$6,125$694$6,568
Year 5$6,568$252$0

How to use this calculator

  1. Enter the price, your sales tax rate and the fees.
  2. Add your trade-in, anything still owed on it and your down payment.
  3. Enter the APR and term; for a new US-assembled car, add your income and bracket.

Frequently asked questions

How much car can I afford?

Look at the total cost, not just the payment. In the example, a $38,000 car financed over 60 months costs $568 a month and $5,398 in interest.

Is a longer loan a good idea?

It lowers the payment but raises the interest: over 84 months the example payment falls to $433, while interest rises to $7,685. Long loans also leave you owing more than the car is worth for longer.

Can I deduct car loan interest?

For 2025 through 2028, interest on a loan for a new, personal-use vehicle with final assembly in the US is deductible up to $10,000 a year, whether or not you itemize. The deduction shrinks by $200 for each $1,000 of income above $100,000 ($200,000 for joint filers). It is claimed on Schedule 1-A.

What happens to negative equity on my trade-in?

If you owe more on your current car than it is worth, the dealer adds the difference to your new loan. You then pay interest on it — enter the amount owed to see the effect.

Sources and method

Standard compound-interest formulas, tested against worked examples. Nothing here depends on outside data; the rates you type in are your own assumptions.

No outside data is used. The numbers you type in are the only inputs.

Page and formula last reviewed . How we calculate · Editorial policy · Corrections and change log

Last updated 10 October 2026. For information only — not financial advice. Check the final figures with your lender or bank.