EachCalculatorAuto Loan Calculator
Calculate your monthly car payment, including sales tax, down payment, and trade-in value.
Amount Financed
$25,100.00
Sales tax: $2,100.00
Monthly Payment
$485.25
Total Interest
$4,015.20
Total Cost
$29,115.20
How It Works
Figuring out the loan amount
Sales tax is added to the vehicle price, then your down payment and trade-in value are subtracted, leaving the amount you actually need to finance.
Monthly payment
The financed amount, loan term, and interest rate are run through the standard amortization formula to calculate your fixed monthly payment.
Example Calculation
A $30,000 car with 7% sales tax, a $5,000 down payment, and a $2,000 trade-in leaves a $25,100 loan. Over 60 months at 6% interest, that's about $485/month.
Common Mistakes
- Forgetting sales tax, which can add hundreds or thousands of dollars to the amount financed.
- Not accounting for a trade-in's payoff balance if the trade-in still has a loan against it.
- Focusing only on the monthly payment instead of the total amount financed and total interest paid.
Frequently Asked Questions
- Is sales tax included in an auto loan?
- Often yes — many buyers finance the tax along with the vehicle price rather than paying it upfront, which is why this calculator adds it to the amount financed.
- How does a trade-in affect my loan?
- Your trade-in's value is subtracted from what you need to finance, directly lowering your loan amount and monthly payment.
- What's a typical auto loan term?
- 60 months (5 years) is common, though terms from 36 to 84 months are widely available — longer terms lower the payment but increase total interest paid.