ConvertOnlineAuto Loan Calculator with Tax and Trade-In
Report source: https://convertonline.org/calculators/auto-loan-calculator
Auto Loan Calculator
Estimated monthly auto payment
Amortization schedule
| Payment | Date | Amount | Principal | Interest | Extra | Balance |
|---|
Auto Loan Calculator formula
Amount financed = vehicle price − cash down payment − net trade equity + estimated sales tax + fees. Monthly payment then uses P × r ÷ [1 − (1 + r)⁻ⁿ].
Net trade equity is trade-in value minus the amount still owed. Negative equity increases the amount financed.
Assumptions and limitations
- The loan has a fixed annual rate and equal monthly principal-and-interest payments.
- Sales-tax treatment differs by state. Enter your local rate and choose whether the listed fees are taxable.
- This estimate assumes the trade-in value reduces the taxable vehicle price; some states use a different rule.
- Dealer add-ons, rebates, incentives, insurance, maintenance, and fuel are excluded unless included in vehicle price or fees.
Worked example
Example: financing a $30,000 vehicle
For a $30,000 vehicle, $5,000 cash down, and a trade worth $8,000 with $3,000 still owed, net trade equity is $5,000.
At 6% sales tax with $500 of taxable fees, the estimated tax is $1,350 and amount financed is $21,850. At 6% for 60 months, the estimated payment is $422.42.
Frequently asked questions
How does a trade-in affect an auto loan?
Positive trade equity reduces the amount financed. If the existing trade loan is larger than the vehicle value, the negative equity increases the new amount financed.
Why is the sales-tax estimate editable?
Vehicle tax rates and trade-in credits vary by state and locality. Use the rate and taxable-fee treatment that applies to the purchase.
Does the total vehicle cost include insurance?
No. The estimate combines cash down, positive trade equity, and loan payments. Auto insurance, maintenance, fuel, and optional products are separate.
This calculator provides an estimate for planning and education. Actual lender calculations, fees, and payment dates may differ.