Monthly Car Payment Calculator
Calculate your monthly car payment including trade-in value, down payment, interest rate, and loan term.
Monthly Payment
Monthly car payment is calculated using the standard amortization formula after subtracting trade-in and down payment from the vehicle price.
Formula:
Loan Amount = Price - Trade-In Value - Down Payment
Monthly Payment = L × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- L = Loan amount
- r = Monthly interest rate (annual rate / 12)
- n = Number of monthly payments
Tips for lowering your payment:
- Maximize your trade-in value by cleaning and maintaining your vehicle
- A larger down payment reduces total interest paid
- Shorter loan terms (36–60 months) save thousands in interest
- Shop around for the best rate before visiting the dealership