What Bankrate's auto loan calculator does

Bankrate's auto loan calculator takes the price of a car, your down payment, the interest rate, and the loan term, then shows you what your monthly payment will be. It also breaks down how much of each payment goes toward interest versus principal, and what you'll pay in total interest over the life of the loan. The calculator lives on Bankrate's website under their auto loans section — you don't need an account to use it.

The calculator is a planning tool, not a rate quote. It shows you what different numbers mean in dollar terms so you can compare scenarios before you talk to a lender. For example, you can see how a 48-month loan compares to a 60-month loan, or what happens if you put down 10 percent instead of 20 percent.

Key Takeaways

  • Bankrate's calculator shows your monthly payment, total interest paid, and an amortization schedule — the month-by-month breakdown of principal and interest.
  • The interest rate you enter should come from your own research or pre-approval, because the calculator does not show you current rates or shop lenders.
  • Changing the loan term (36, 48, 60, or 72 months) changes your monthly payment and total interest — longer terms mean lower payments but more interest overall.
  • The calculator assumes a fixed interest rate and does not account for taxes, fees, insurance, or gap insurance.

How to enter your information

Start with the vehicle price — the full sticker price or the actual price you negotiated, not the down payment. Then enter your down payment as a dollar amount. The calculator will show you the loan amount (vehicle price minus down payment) in a separate field.

Next, enter the interest rate. This is where many people get stuck because they don't have a rate yet. If you haven't shopped for a loan, you can use a typical rate for your credit range as a starting point — Bankrate publishes average rates by credit score on their main auto loans page, updated weekly. Once you get pre-approved by a lender, come back and plug in your actual rate to see what you'll really pay.

Choose your loan term in months. Common options are 36, 48, 60, or 72 months. Some lenders offer 84-month loans, but Bankrate's calculator typically maxes out at 72. The longer the term, the lower your monthly payment — but you pay more interest overall.

Understanding the results

The calculator shows three main numbers: your monthly payment, the total amount of interest you'll pay over the life of the loan, and the total amount you'll pay (principal plus interest). These numbers assume you make every payment on time and don't pay off the loan early.

Below those headline numbers, Bankrate displays an amortization schedule — a table showing each month's payment broken into principal and interest. Early in the loan, most of your payment goes to interest. As you pay down the principal, more of each payment goes toward the actual car. This is normal and expected, not a sign something is wrong.

The amortization schedule also shows your remaining balance after each payment. This number matters if you want to pay off the loan early or if you're trading in the car before the loan ends — you'll need to know what you still owe.

What the calculator does not include

Bankrate's calculator shows the loan payment only. It does not add in sales tax, registration fees, dealer fees, or documentation fees — all of which can add hundreds or thousands to what you actually owe. It also does not include insurance, maintenance, or fuel costs. If you want a full picture of car ownership costs, you'll need to add those separately.

The calculator assumes a fixed interest rate that stays the same for the entire loan. If you're considering a variable-rate loan (rare for auto loans but possible), this calculator won't show how your payment might change. It also does not account for gap insurance, which covers the difference between what you owe and what the car is worth if it's totaled — something to consider if you're putting down less than 20 percent.

How to use the calculator to compare scenarios

The real power of the calculator is running multiple scenarios. Try a 48-month loan versus a 60-month loan with the same rate and down payment. See how a larger down payment changes your monthly payment and total interest. Compare what happens if you get a rate of 5 percent versus 7 percent.

Write down or screenshot the results so you can compare them side by side. Many people find it helpful to print or save three scenarios: a conservative one (larger down payment, shorter term, higher rate), a middle one (moderate down payment and term), and an aggressive one (smaller down payment, longer term, lower rate). This gives you a range of what's possible and helps you decide what monthly payment you can actually afford.

When you're shopping with lenders, bring these scenarios with you or reference them in conversations. Tell a lender, "Your rate is 6.2 percent — what would my payment be on a 60-month loan with $5,000 down?" Then plug that into the calculator to verify their quote.

Where to find the calculator and what to do next

Go to Bankrate.com and search for "auto loan calculator" or navigate to their Auto Loans section. The calculator is free and does not require you to enter your email or personal information. You can use it as many times as you want.

After you've used the calculator to narrow down what you want, the next step is to shop for actual rates. Bankrate also publishes current average rates by credit score, which gives you a sense of what to expect. Then contact lenders — banks, credit unions, online lenders — to get pre-approved. A pre-approval shows you the actual rate you may have access to for without a hard credit inquiry (or with just one, depending on the lender). Once you have real rates from real lenders, come back to the calculator and plug those in to see the true cost.

Frequently Asked Questions

Can I use this calculator if I don't know my interest rate yet?

Yes. Use the average rate for your credit score as a placeholder. Bankrate publishes these rates weekly on their main auto loans page, broken down by credit tier. Once you get pre-approved by a lender, plug in your actual rate to see what you'll really pay. The calculator is meant for planning, so starting with an estimate is fine.

What's the difference between principal and interest in the amortization schedule?

Principal is the actual amount you borrowed; interest is what the lender charges you for lending it. Early in the loan, most of your payment covers interest. As you pay down the principal, more of each payment goes toward the car itself. By the end of the loan, almost all of your payment is principal. This is normal.

Should I use a shorter loan term or a longer one?

A shorter term (36 or 48 months) means a higher monthly payment but much less total interest. A longer term (60 or 72 months) means a lower monthly payment but significantly more interest. Choose based on what monthly payment fits your budget and how long you plan to keep the car. If you can afford the shorter term, you'll save money.

Does the calculator show me what rate I'll actually get?

No. The calculator only shows what your payment would be at whatever rate you enter. It does not shop lenders or show you current rates. Use Bankrate's rate page to see typical rates by credit score, then contact lenders directly to find out what rate you personally may have access to for.

What if I want to pay off the loan early?

The calculator assumes you make all payments on schedule, but most auto loans allow you to pay extra toward principal without penalty. If you plan to pay extra, your actual interest paid will be lower than what the calculator shows. Check with your lender about their prepayment policy before you sign.