Car payment calculator for dealers
Work out a financed deal the way the contract will show it: the amount financed, the monthly payment, the finance charge and every payment’s interest and principal, to the cent.
It starts with an example: an $18,900 car with a $399 doc fee, 7% sales tax, a $4,000 trade-in still owing $1,500, and $2,000 down, at 8.99% APR for 60 months. Change any figure to run your own deal. Nothing you type leaves this page: the calculator runs in your browser and saves nothing.
Every payment: interest, principal and the balance after it
| Payment | Amount | Interest | Principal | Balance after |
|---|---|---|---|---|
| 1 | $341.60 | $123.31 | $218.29 | $16,241.64 |
| 2 | $341.60 | $121.68 | $219.92 | $16,021.72 |
| 3 | $341.60 | $120.03 | $221.57 | $15,800.15 |
| 4 | $341.60 | $118.37 | $223.23 | $15,576.92 |
| 5 | $341.60 | $116.70 | $224.90 | $15,352.02 |
| 6 | $341.60 | $115.01 | $226.59 | $15,125.43 |
| 7 | $341.60 | $113.31 | $228.29 | $14,897.14 |
| 8 | $341.60 | $111.60 | $230.00 | $14,667.14 |
| 9 | $341.60 | $109.88 | $231.72 | $14,435.42 |
| 10 | $341.60 | $108.15 | $233.45 | $14,201.97 |
| 11 | $341.60 | $106.40 | $235.20 | $13,966.77 |
| 12 | $341.60 | $104.63 | $236.97 | $13,729.80 |
| 13 | $341.60 | $102.86 | $238.74 | $13,491.06 |
| 14 | $341.60 | $101.07 | $240.53 | $13,250.53 |
| 15 | $341.60 | $99.27 | $242.33 | $13,008.20 |
| 16 | $341.60 | $97.45 | $244.15 | $12,764.05 |
| 17 | $341.60 | $95.62 | $245.98 | $12,518.07 |
| 18 | $341.60 | $93.78 | $247.82 | $12,270.25 |
| 19 | $341.60 | $91.92 | $249.68 | $12,020.57 |
| 20 | $341.60 | $90.05 | $251.55 | $11,769.02 |
| 21 | $341.60 | $88.17 | $253.43 | $11,515.59 |
| 22 | $341.60 | $86.27 | $255.33 | $11,260.26 |
| 23 | $341.60 | $84.36 | $257.24 | $11,003.02 |
| 24 | $341.60 | $82.43 | $259.17 | $10,743.85 |
| 25 | $341.60 | $80.49 | $261.11 | $10,482.74 |
| 26 | $341.60 | $78.53 | $263.07 | $10,219.67 |
| 27 | $341.60 | $76.56 | $265.04 | $9,954.63 |
| 28 | $341.60 | $74.58 | $267.02 | $9,687.61 |
| 29 | $341.60 | $72.58 | $269.02 | $9,418.59 |
| 30 | $341.60 | $70.56 | $271.04 | $9,147.55 |
| 31 | $341.60 | $68.53 | $273.07 | $8,874.48 |
| 32 | $341.60 | $66.48 | $275.12 | $8,599.36 |
| 33 | $341.60 | $64.42 | $277.18 | $8,322.18 |
| 34 | $341.60 | $62.35 | $279.25 | $8,042.93 |
| 35 | $341.60 | $60.25 | $281.35 | $7,761.58 |
| 36 | $341.60 | $58.15 | $283.45 | $7,478.13 |
| 37 | $341.60 | $56.02 | $285.58 | $7,192.55 |
| 38 | $341.60 | $53.88 | $287.72 | $6,904.83 |
| 39 | $341.60 | $51.73 | $289.87 | $6,614.96 |
| 40 | $341.60 | $49.56 | $292.04 | $6,322.92 |
| 41 | $341.60 | $47.37 | $294.23 | $6,028.69 |
| 42 | $341.60 | $45.16 | $296.44 | $5,732.25 |
| 43 | $341.60 | $42.94 | $298.66 | $5,433.59 |
| 44 | $341.60 | $40.71 | $300.89 | $5,132.70 |
| 45 | $341.60 | $38.45 | $303.15 | $4,829.55 |
| 46 | $341.60 | $36.18 | $305.42 | $4,524.13 |
| 47 | $341.60 | $33.89 | $307.71 | $4,216.42 |
| 48 | $341.60 | $31.59 | $310.01 | $3,906.41 |
| 49 | $341.60 | $29.27 | $312.33 | $3,594.08 |
| 50 | $341.60 | $26.93 | $314.67 | $3,279.41 |
| 51 | $341.60 | $24.57 | $317.03 | $2,962.38 |
| 52 | $341.60 | $22.19 | $319.41 | $2,642.97 |
| 53 | $341.60 | $19.80 | $321.80 | $2,321.17 |
| 54 | $341.60 | $17.39 | $324.21 | $1,996.96 |
| 55 | $341.60 | $14.96 | $326.64 | $1,670.32 |
| 56 | $341.60 | $12.51 | $329.09 | $1,341.23 |
| 57 | $341.60 | $10.05 | $331.55 | $1,009.68 |
| 58 | $341.60 | $7.56 | $334.04 | $675.64 |
| 59 | $341.60 | $5.06 | $336.54 | $339.10 |
| 60 | $341.64 | $2.54 | $339.10 | $0.00 |
GARAGEBIRDS Pro works this out on the deal itself, prints the payment schedule with the rest of the paperwork, and fills the figures into your contract. See finance desking →
How the numbers are worked out
The cash price of the deal is the sale price plus sales tax, fees, title and registration, and any products. Take away the net trade — the allowance less what’s still owed on it — and the cash down, and what’s left is the amount financed.
The monthly payment is the standard level-payment figure for that amount, rate and term, rounded to the cent. Each month’s interest is the remaining balance times the monthly rate, also rounded to the cent; the rest of the payment pays down the balance. Because of that rounding, the last payment is usually a few cents different from the others, and it settles the loan exactly. The total of payments adds up every payment in the schedule, and the finance charge is that total less the amount financed — the same way the figures land on a retail installment contract.
An estimate for working a deal, not an offer of credit: the lender sets the rate and terms. It assumes the first payment is due a month after the sale, and taxes the price and dealer fees — see the note under the sales tax rate.
Questions
How do you calculate a monthly car payment?
Work out the amount financed — the cash price with tax and fees, less the net trade and the down payment — then apply the level-payment formula for the monthly rate (APR divided by 12) and the number of months. Round the payment to the cent.
Why is the last payment different?
Each month’s interest is rounded to the cent, so after the regular payments a few cents are left over or short. The last payment settles the balance exactly, which is why it is often slightly higher or lower than the rest.
Does a trade-in lower the sales tax?
In many states it does, and in some it doesn’t. This calculator taxes the sale price and dealer fees; if your state taxes the price after the trade-in credit, lower the tax rate or enter the tax yourself on the fees line.
Does the calculator save what I enter?
No. It runs entirely in your browser. Nothing you type is stored or sent anywhere, and reloading the page brings back the example.
Desk financed deals in GARAGEBIRDS
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