Use this calculator before buying a new or used car. Enter the car price, down payment, interest rate, and loan term to see a simple monthly payment estimate.

This page uses a flat-rate interest estimate, where interest is calculated from the original loan amount and spread across the loan term. Some lenders use APR or amortized interest instead, so your real quote may be different.

Easy examples

Example 1: A car costs 30,000, with 20% down, 3.5% flat interest, and a 5-year term. The calculator estimates the monthly payment, loan amount, total interest, and total cost.

Example 2: A bigger down payment lowers the loan amount and may reduce the monthly payment.

Example 3: A longer loan term can make the monthly payment look smaller, but the total interest may be higher.

What to check before buying

Look beyond the monthly payment. Also consider insurance, fuel or charging costs, maintenance, registration, fees, and emergency savings.

If the monthly payment leaves you with very little cash each month, try a lower car price, a bigger down payment, or a shorter loan term.

Important note

This is a simple estimate, not a lender quote. Real car payments can change because of APR rules, fees, insurance packages, promotions, taxes, credit score, and lender terms.