Calculator
Car loan calculator
Work out your car payment, how much you’ll finance after your down payment and trade-in, and what a longer term really costs.
Your payment
$525.85
per month
- Amount financed
- $30,000
- Total interest
- $7,861
- Total you repay
- $37,861
- All-in cost of the car
- $42,861
What each term costs
| Term | Monthly payment | Total interest |
|---|---|---|
| 4 years | $732.25 | $5,148 |
| 5 years | $608.15 | $6,489 |
| 6 years | $525.85 | $7,861 |
| 7 years | $467.44 | $9,265 |
How this calculator works
Amount financed = price + taxes and fees you enter + money still owing on your trade-in − down payment − trade-in value. It’s repaid in equal payments with interest compounded monthly.
The calculator doesn’t add provincial sales tax or dealer fees for you; enter them from your quote. Dealer financing promotions and incentives aren’t included.
Questions people ask
How is a car loan payment calculated?
The amount financed is the price plus taxes and fees, plus anything still owing on your trade-in, minus your down payment and trade-in value. That amount is repaid in equal payments over the term, with interest.
Is a longer car loan a good idea?
A 7- or 8-year loan lowers the payment but adds interest, and you can owe more than the car is worth for years. The term table shows how much each extra year costs.
Are taxes included?
Only what you enter. Sales tax depends on your province and whether you trade in a vehicle, and dealers add fees, so ask for the all-in price and enter taxes and fees separately.
What if I still owe money on my trade-in?
Negative equity, owing more than the trade-in is worth, is added to your new loan. Enter what you owe and its value to see the effect.
Estimates only, not a quote or approval. Your lender’s contract, fees and approval decide the real cost. WalletReturn is independent. FCAC: Personal loans ↗FCAC: Lines of credit ↗FCAC: Your rights with personal loans ↗