Loan & Mortgage Calculator
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A car payment calculator determines the monthly payment for a vehicle purchase based on price, down payment, trade-in value, interest rate, and loan term. It helps you find a car that fits your budget before walking into a dealership.
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Tip: Negotiate the total purchase price before discussing monthly payments. Dealers can manipulate payment terms to hide a high price. Always know your out-the-door price.
- 1Net loan = Vehicle price − Down payment − Trade-in value
- 2Apply monthly payment formula: PMT = P × r(1+r)ⁿ / ((1+r)ⁿ − 1)
- 3Add sales tax to the purchase price (varies by state: 0–10%)
- 4Factor in registration, documentation fees, and dealer fees
$35,000 car, $5,000 down, 7% APR, 60mo=$594/month$30,000 financed
Same but 72 months=$512/monthLower monthly but $1,200 more total interest
| Rule | Guideline | Why |
|---|---|---|
| 20 | 20% down payment minimum | Avoids being underwater immediately |
| 4 | Loan term max 4 years (48 months) | Cars depreciate faster than you pay down |
| 10 | Total car costs < 10% of gross income | Includes payment, insurance, fuel, maintenance |
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Fun Fact
A new car loses roughly 20% of its value the moment you drive it off the lot, and up to 50% in the first 3 years. This rapid depreciation is why financial experts recommend buying used.
References
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