The monthly payment on a specific car

Car loan payment

Calculate the monthly payment and total interest on a car loan from the car price, down payment, trade-in, rate and term.

Formula

amount financed = car price − down payment − trade-in value · payment = amount × r / (1 − (1+r)^−n)

Assumptions

• Excludes registration, road tax, insurance, and dealer fees — these are often financed too and would increase the amount borrowed.
• Assumes the full trade-in value is applied against the purchase, with no separate payout.
• Calculates on a reducing balance (effective interest rate), the method hire purchase moved to on 1 June 2026. Dealers commonly still quote a FLAT rate, and the two are not interchangeable — a flat rate produces a much higher real cost, so ask for the effective rate before entering a figure here.

Frequently asked questions

What's the difference between this and Car affordability?
Car affordability works backward from your budget to tell you what price you can afford. This calculator works forward from a specific car's price to tell you the exact payment.

Does a bigger trade-in lower my interest rate?
No — trade-in value only reduces how much you need to borrow, which lowers the payment and total interest paid. The interest rate itself is set by the lender based on your credit and loan terms.