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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.
Sales taxes by state
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.
