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Auto Loan Calculator

Jun 12, 2025

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Your estimated monthly payment

$ 270

Total Principal Paid $15,000
Total Interest Paid $1,172
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How to use this calculator

With the following pieces of information, our auto loan calculator can help you estimate the monthly payment and total interest paid on an auto loan:

  • Principal
  • Term
  • Condition
  • Interest rate

  1. Principal

    The principal is the amount of money you are planning to borrow to purchase your vehicle. Use this calculator to decide how much car you can afford.

  2. Term

    A loan term is the amount of time you take to repay the loan. Choosing shorter or longer terms can affect how much you pay per month as well as the total cost of your loan.

    • Longer terms spread out your repayment over more months, leading to smaller monthly payments. However, that means paying interest for longer.

    • Shorter terms save you money on interest, but require larger monthly payments.

    • Auto loan terms are expressed in months. Most auto loans are between 24 and 84 months.

  3. Condition

    Whether you choose a new or used vehicle will affect the cost of your loan.

    • The MSRP of new vehicles is higher than used vehicles, resulting in a higher loan principal but a lower APR than you would receive with a used vehicle.

    • Used vehicles depreciate more slowly than new ones, but may have higher maintenance costs.

  4. Interest rate

    The interest rate is the amount you pay per month to borrow a loan, expressed as a percentage. Entering different interest rates in this calculator can help you determine how much a loan will actually cost.

    • Enter rates from different lenders to see how their costs compare.

    • Calculate the interest charges of buying a new car versus a used car.

    • See what you could save by raising your credit score before buying a car.

    • While calculating the interest rate of a loan is helpful, comparing the APR of loans is a more accurate way to look at total loan cost. A loan's APR includes fees and interest.

  5. Amortization schedule

    The amortization schedule is a chart that shows:

    • When each payment is due

    • How much of each payment goes to the loan's principal

    • How much of each payment goes to interest

    • The loan's remaining balance

    • The loan's payoff date

  6. Compare loan rates

    Start shopping for a lender with Bankrate's best auto loan rates. Updated monthly, this marketplace helps you compare top lenders quickly in one convenient place. Consider at least three lenders before taking out an auto loan to ensure you get the best rate possible.

  7. Click calculate

    The calculator will show your results on the right side.

Use your results

How to make the most of this calculator

An auto loan calculator can help you:

  • Determine how much it costs to buy a car.
  • Figure out what your monthly payments could look like.
  • Calculate the total cost of an auto loan.
  • Decide between a lower rate and a longer term.
  • Calculate which loan will save you the most.
  • Figure out how much of a down payment to make.

Examples of best use cases

Should you choose the lower rate with a longer term?

Principal Interest rate Term Monthly payment Total interest
$30,000 7.02% 48 months $719 $4,496
$30,000 6.94% 60 months $593 $5,591

Is it worthwhile to make a bigger down payment on a $45,000 car?

Down payment Principal Interest rate Term Monthly payment Total interest
$9,000 $36,000 6.40% 60 months $703 $6,162
$12,000 $33,000 6.40% 60 months $664 $5,648

Next steps for auto loans

Ready to find your auto loan? Tap into Bankrate's expertise with these links and start your car-buying journey like a pro.

Other Bankrate calculators