Enter the price, down payment, rate and term. See the monthly payment, what interest adds, and what a different loan length would cost.
Updated October 2026 · Free · No sign-up
What will your car payment be?
Estimated monthly payment
—
Item
Amount
Term
Monthly
Total interest
Defaults use Experian's Q2 2026 new-car average loan ($43,610) and APR (6.35%) with a 72-month term. The formula gives about $730 a month for that, below Experian's reported $765 average payment, and we did not find a published reconciliation (our guess: the average of many different loans need not equal the payment on the average loan). Your rate depends on your credit, lender and the car. The calculator uses the standard fixed-rate loan formula and ignores insurance, registration and lender-specific fees.
How the math works
The loan amount is the price plus any financed tax and fees, minus your down payment and trade-in. The payment comes from the standard amortization formula, so a lower rate or shorter term cuts total interest even when the monthly figure rises.
Ways to spend less
Get a pre-approval first. A quote from your bank or credit union gives you a rate to compare with the dealer's.
Put more down. Every extra dollar down also avoids interest on it.
Pick the shortest term you can afford. The comparison table shows how much interest the long terms add.
Experian's Q2 2026 data puts the average new-car payment at $765 a month and the average used-car payment at $542, on loans of about $43,610 and $27,852. Those are averages, so your own payment depends on price, down payment, rate and term.
How is a car payment calculated?
The standard fixed-rate loan formula: monthly payment = loan x r / (1 - (1 + r)^-n), where r is the APR divided by 12 and n is the number of months. The calculator applies it to the amount financed after your down payment and trade-in.
Does a longer loan term save money?
It lowers the monthly payment but raises total interest. The table under the result shows the same loan at 36 to 84 months so you can see the trade-off with your own numbers.
How much car can I afford?
Enter a monthly budget and the calculator works backward to the vehicle price that fits it at your rate, term and down payment. Insurance, fuel and maintenance are not included, so leave room for them.
What interest rate should I use?
Use the rate on your pre-approval or lender quote. As a reference, Experian's Q2 2026 averages were 6.35% for new cars and 11.19% for used cars, with rates varying a lot by credit tier.
