See your monthly payment, total interest, and total loan cost — live, as you adjust price, down payment, trade-in, term, and APR.
Adjust the inputs and watch your monthly payment update.
Estimates only. Actual loan terms, APR, and payment depend on credit approval, vehicle, lender, and applicable fees, taxes, and insurance. This calculator does not include sales tax, title, registration, dealer fees, or extended-warranty/gap-insurance products.
Auto loans use the standard amortization formula. Here’s exactly what the calculator does.
If your APR is 0% (a manufacturer promotion, for example), the formula simplifies to Monthly payment = Financed ÷ term, with $0 total interest.
Monthly auto loan payment uses the standard amortization formula: M = P × [r(1+r)n] ÷ [(1+r)n − 1], where P is the financed amount (vehicle price minus down payment minus trade-in), r is the monthly interest rate (APR ÷ 12), and n is the number of monthly payments (loan term in months). The calculator above does this math live as you change the inputs.
APR depends on your credit score, the lender, the loan term, whether the car is new or used, and current market rates. Borrowers with 720+ FICO typically see the lowest published rates; subprime borrowers can see APRs that are 5–10+ percentage points higher. RMO Auto Finance provides member rates that are reviewed against market benchmarks at application.
Many states allow sales tax to be financed into the loan, which increases the principal and total interest paid. For a more accurate monthly payment, add your state’s sales tax rate to the vehicle price field, or compute tax separately and add it to the financed amount. Title and registration fees are often financed similarly.
A longer term (e.g., 72 or 84 months) lowers your monthly payment but increases total interest paid significantly. A shorter term (36–48 months) costs more per month but builds equity faster and reduces your total interest cost. The calculator’s Total Interest field makes this trade-off explicit.
Yes — if rates have dropped or your credit has improved since you took out your original loan, refinancing can lower your monthly payment or total interest. RMO Auto Finance reviews refinance applications alongside new-loan applications. Start a refinance application →
