Loan Calculator Free · Calc Pro
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Coming soonSee what a car or personal loan will cost you each month and over its life. Calc Pro's Loan worksheet handles the parts other calculators skip: sales tax, dealer fees, your down payment and your trade-in.
How to use the Loan Calculator
- 1Tap Price and type the price of the car or item you're buying.
- 2Press ↓ and enter the Sales Tax rate, any Other Fees, your Down payment and your Trade in value.
- 3Enter the Number of months and the Interest rate (6.9 for 6.9%).
- 4Tap Monthly payment, then press Calc to see the payment, Total interest and Total repaid.
How the loan payment is calculated
First Calc Pro works out how much you're borrowing:
Amount borrowed = Price + Sales tax + Other fees − Down payment − Trade in
where the sales tax is charged on the price minus the trade-in. It then spreads that amount, with interest, over equal monthly payments:
Payment = A × r ÷ (1 − (1 + r)⁻ⁿ)
- A is the amount borrowed
- r is the monthly interest rate (the annual rate ÷ 12)
- n is the number of months
Tips for a cheaper loan
- A bigger down payment or trade-in reduces both the amount borrowed and the sales tax.
- A shorter term raises the payment but cuts the total interest.
- Compare the total repaid, not just the monthly payment, when a dealer offers a longer term.
Frequently Asked Questions
How is sales tax handled?
Calc Pro charges sales tax on the price minus your trade-in, as many places do, and adds it to the amount you borrow. In the example, 7% of ($35,000 − $3,000) adds $2,240.
How much am I borrowing?
The price, plus sales tax and fees, minus your down payment and trade-in. In the example that's $35,000 + $2,240 + $500 − $5,000 − $3,000 = $29,740.
Can I use it for a personal loan?
Yes. Enter the loan amount as the Price and leave Sales Tax, Down payment and Trade in at zero.
Is a longer loan cheaper?
The monthly payment is lower, but you pay interest for longer, so the total cost goes up. Compare terms by changing Number of months and pressing Calc again.
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Take the Loan Calculator with you
The Loan Calculator is free in Calc Pro for iPhone and iPad, along with 10 calculators in one app.
Coming soonFree with ads · In-app purchase unlocks the full Pro Premium version
See what the app can do