Auto Loan & Refinance Calculator
Know your monthly payment before you walk into the dealership — and find out if refinancing would save you money. Enter your loan details and see a complete amortization summary.
Calculate your car loan payment
Monthly payment
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Total interest paid
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Total paid
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Monthly savings
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Lifetime savings (interest)
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Break-even point
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Amortization summary
Showing year-end balances. Click to expand full monthly table.
Show full monthly amortization
Calculations assume a standard fixed-rate amortizing loan with equal monthly payments. Does not include origination fees, pre-payment penalties, or gap insurance unless entered above. Rates shown are illustrative — get actual rates from your lender or credit union.
This calculator provides estimates only. Actual ownership costs vary by driving habits, vehicle condition, local rates, and market conditions. Figures are general information — not financial, legal, or tax advice. Confirm with your insurer, lender, or a qualified advisor before you buy.
TL;DR
Start with the total financed cost, not the monthly payment. The Federal Reserve's G.19 release shows finance-company new-car loans at 6.1% in March 2026, so a dealer quote far above your preapproval deserves a pause (Federal Reserve, G.19, released June 5, 2026).
The CFPB recommends comparing the full loan cost, fees, and add-ons before you sign, because the payment can hide a longer term or higher finance charge (Consumer Financial Protection Bureau auto-loan guide, accessed June 26, 2026).
Why do dealers steer shoppers toward longer loan terms?
The direct answer: a longer term can make the monthly payment look affordable while increasing the months you pay interest. The monthly payment that dealers quote is often framed to obscure the total interest cost. A 72-month loan at a slightly higher rate can cost $2,000+ more over the life of the loan vs. a 48-month loan. This tool shows the full picture — and the refi calculation shows whether you're leaving money on the table.
Which numbers should I verify before signing?
Verify these from the lender disclosure, not just the dealer worksheet.
| Number | Why it matters | Source check |
|---|---|---|
| APR and finance charge | The APR is the price of credit; the finance charge is the dollar cost of borrowing. | CFPB auto loans, accessed June 26, 2026 |
| Term in months | G.19 separately tracks 60-month and 72-month new-car loan rates, which is a useful reminder that term length is part of the price. | Federal Reserve G.19, June 5, 2026 |
| Amount financed | Taxes, fees, warranties, gap coverage, and negative equity can all raise the amount you borrow. | CFPB auto loans, accessed June 26, 2026 |
How should I use the calculator result?
Use it as a negotiation screen: if the lender quote, term, or amount financed differs from your inputs, update the calculator before you agree. Last updated and verified June 26, 2026; method: calculator math was checked against the CFPB's auto-loan shopping guidance and the Federal Reserve G.19 consumer-credit release current on that date.
How to use this calculator
- 1 Enter your loan amount, interest rate (APR), and term.
- 2 Read the monthly payment and total interest paid.
- 3 Switch to Refinance mode: enter your current balance and new rate to see the payment delta and lifetime savings.
- 4 Use the amortization table to see the principal/interest split over time.
Frequently asked questions
What is a good auto loan interest rate?
As of mid-2026, new-car loan rates from banks and credit unions typically range from about 5%–9% depending on your credit score; dealer financing often runs higher. Used-car rates are typically 1–3 percentage points higher. Shop at least three lenders before accepting dealer financing.
Should I refinance my auto loan?
Refinancing makes sense if current rates are lower than your existing rate or your credit score has improved since you took the loan. Use the Refinance mode in this calculator to see your monthly savings and break-even point (how many months to recover any fees). Generally worthwhile if you save $500+ over the remaining term.
How does amortization work on a car loan?
In the early months, most of your payment goes to interest; in later months, more goes to principal. This calculator's amortization table shows the exact split each month so you can see when you'll own more of the vehicle than the loan balance (building equity).
Should I choose the longest auto-loan term to lower the payment?
Only if the lower payment is the difference between buying safely and not buying. Longer terms usually make the monthly number easier to accept while keeping you in debt longer and raising the total interest paid.
What official rate benchmark should I compare my dealer quote against?
Use a market benchmark plus your own preapproval. The Federal Reserve G.19 release reported finance-company new-car loans averaging 6.1% in March 2026; commercial-bank new-car loan rates are published in the same release but lag, so check the latest figures before comparing.
Does this calculator replace a lender quote?
No. It is a planning tool. A real approval depends on credit, down payment, vehicle, lender fees, taxes, and add-ons, so compare the Truth in Lending disclosure before signing.
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