OmniCalcsAuto Loan Calculator
Estimate your monthly car payment including sales tax, trade-in value and down payment.
How to Use This Auto Loan Calculator
Enter the sticker price of the car, what you plan to put down, the value of any trade-in, your loan rate and term, and the local sales tax. The calculator adds tax to the amount you finance and returns your monthly payment.
- Down payment & trade-in โ both reduce the amount you need to borrow.
- Sales tax โ charged on the full purchase price and usually financed as part of the loan.
- Term โ 60 and 72 month terms are common; longer terms lower payments but raise total interest.
- Total cost โ the loan amount plus all interest you will pay.
Practical Example
Suppose you buy a car for $35,000 with a $5,000 trade-in and $3,000 down, in a state with 6.5% sales tax:
- Price after trade-in & down payment = $27,000; sales tax = $1,755
- Amount financed โ $28,755
- At 6% for 60 months โ monthly payment โ $556
Total interest over the term โ $4,600. A $1,000 larger down payment saves roughly $130 in interest.
What Your Results Mean
- Monthly payment โ your fixed payment covering principal and interest on the financed amount.
- Total interest โ the cost of financing; shorter terms and larger down payments reduce it.
- Loan amount โ the financed figure after tax, trade-in and down payment.
Frequently Asked Questions
How is sales tax included in the loan?
Sales tax is calculated on the full car price and added to the amount financed. For example, a $35,000 car at 6.5% tax adds $2,275, which is borrowed and repaid with interest.
Should I use a down payment or a longer term?
A larger down payment reduces interest and gives you equity immediately. A longer term lowers the payment but increases total interest over the life of the loan.
What is a good interest rate for a car loan?
Rates depend on your credit score, the term and the vehicle age. Well-qualified buyers typically receive lower rates; new cars often qualify for promotional financing.
How does my trade-in help?
The trade-in value is deducted from the price before tax is added, lowering the loan amount and your monthly payment.
Can I pay off an auto loan early?
Yes, most lenders allow it, but check for prepayment penalties. Paying extra toward principal reduces the balance faster and saves interest.
Learn More
Read our guide on the math behind auto financing: How Loan Payments and Amortization Work.