Using the Auto Loan Calculator
The first step is to choose whether you know the price of the car and want to figure out the monthly payments, or if you know how much you can afford each month and want to see how much that will let you borrow.
To calculate monthly payments:
1) Click on the "Monthly payment" button on the left.
2) Complete the following items in the right column. Use your keyboard's "tab" button or your mouse to click into each of the following fields:
- Total purchase price
- Interest rate
- Fees (taxable)
- Fees (non-taxable)
- Sales Tax Rate
Your new monthly payment will appear immediately on the left and at the top.
To calculate purchase price, do the same, only click the "Purchase price" button and follow the same steps, but entering the desired monthly payment in the indicated space.
For a trade-in
If you're still making monthly payments on your current vehicle, follow the instructions below to find out how much purchasing power you'll have in today's auto market.
1) Click on the 'Total purchase price' button on the right.
2) Complete the items on the left. Use your keyboard's tab button or your mouse to click into each of the following fields:
- Monthly payment
- Term in months
- Cash down
- Trade allowance (check Kelley Blue Book value if you don't have this info)
- Amount owed on trade
Your estimated purchase price will now appear on the right and at the top. If you don't want to assume a higher monthly payment than you currently have, choose a vehicle in this price range.
If you'd like to see a graph of your results, the graph calculator can plot it for you. Click on the "Schedule" button to see how much the loan principal will decrease over the life of the loan. Enter several different loan terms in the column on the upper left, and then click on the "Terms" button to learn the impact that a longer or shorter loan term could have on your monthly payment amount. Use the "Down payments" button to create a graph depicting the effect of different down payment amounts.
Before you head to the dealership and try to explain your needs to an eager salesperson, use this auto loan calculator to help you determine how much you really want to spend. By taking the time to review your options, you'll be better prepared to select the auto loan that's best for you.
Thinking about buying or refinancing a home as well? Use the "Get Free Quote" button at the top to get rate quotes for a mortgage or home equity loan.