Auto Calculator Cars.com
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Reviewed by Calculator Editorial Team
This auto calculator helps you estimate vehicle costs, monthly payments, and financing options when buying a car through cars.com. Simply enter the vehicle price, down payment, loan term, and interest rate to get a detailed breakdown of your estimated costs.
How to Use This Calculator
Using our auto calculator is simple:
- Enter the purchase price of the vehicle you're interested in.
- Input your desired down payment amount.
- Select the loan term in months.
- Enter the annual interest rate offered by the lender.
- Click "Calculate" to see your estimated monthly payment and total costs.
The calculator will display your estimated monthly payment, total interest paid, and total amount financed. You can also view a breakdown of your costs in the chart below the results.
Formula Used
The auto loan calculation uses the standard auto loan formula:
Auto Loan Formula
Monthly Payment = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount (Purchase Price - Down Payment)
- r = Monthly interest rate (Annual Rate / 12)
- n = Number of payments (Loan Term in Months)
This formula calculates the fixed monthly payment for an auto loan with a fixed interest rate.
Worked Example
Let's calculate the monthly payment for a $25,000 car with a $5,000 down payment, 60-month loan term, and 4.5% annual interest rate.
Example Calculation
Principal = $25,000 - $5,000 = $20,000
Monthly Rate = 4.5% / 12 = 0.375% or 0.00375
Number of Payments = 60
Monthly Payment = $20,000 × (0.00375(1 + 0.00375)^60) / ((1 + 0.00375)^60 - 1)
Monthly Payment ≈ $374.32
In this example, your estimated monthly payment would be $374.32, with a total interest paid of $1,744.80 over the life of the loan.
FAQ
What is included in the total cost of a car?
The total cost of a car includes the purchase price, down payment, monthly payments, and any additional fees such as taxes, registration, and insurance.
How does the interest rate affect my monthly payment?
A higher interest rate will increase your monthly payment and the total amount you pay over the life of the loan. Conversely, a lower interest rate will decrease your monthly payment and total costs.
Can I get a better deal on a car through cars.com?
Yes, cars.com often offers competitive pricing and financing options. Be sure to compare offers from different dealers and use our calculator to estimate your costs before making a decision.