# Car Loan Payment Calculator

## Calculator Use

Use this calculator to find your monthly payment on a car with the car price, down payment and any trade in values factored in.

For a simple calculation without down payment and trade-in, use this car loan calculator.

- Car Price
- Cost of the car without any adjustments
- Sales Tax
- How much tax will you be charged on this car price. Sales taxes by state
- Down Payment
- The amount of cash you will be able to put toward this purchase and not borrow in the loan
- Trade In Value
- What will the dealer give you as cash value for any trade in vehicle you will be using in this transaction
- Car Loan Term
- How long will you take to pay back the loan in years or months?
- Interest Rate
- The annual stated rate (nominal) of your loan.
- Compounding
- Assumed to be coincide with payments, monthly. When payment and compounding frequency do not coincide, use the Loan Calculator with Compounding.

**Calculating the Monthly Payment **

To find the monthly payment we solve the present value equation for PMT:

\( PMT=\frac{PVi(1+i)^n}{(1+i)^n-1} \)

where PV is the actual loan amount, i is the interest rate per period and n is the number of periods. i and n must both be in years or both in months.

**Cite this content, page or calculator as:**

Furey, Edward "Car Loan Payment Calculator"; from *https://www.calculatorsoup.com* - Online Calculator Resource.