How this calculator works
The financed amount adds the vehicle price, financed fees and supplied sales tax, then subtracts your cash down payment and net trade credit. Equal payments follow at each month end with monthly compounding. Totals cover the loan alone; they exclude upfront cash and trade equity. There is no balloon payment or lease residual.
Formula
P = price + fees + tax - down payment - net trade credit; i = r/12; A = P × i / (1 - (1 + i)^(-N)). At 0%, A = P/N. Total paid = N × A and interest = total paid - P.
Worked example
A $30,000 vehicle with $500 of fees and $3,900 of tax, less $5,000 cash and $2,000 trade credit, finances $27,400. At 7% for 60 months, payments are $542.55 and total interest is $5,153.17.
Advertisement
Frequently asked questions
Why enter a tax amount instead of a tax rate?
Canadian province and US state rules can treat trade-ins and fees differently. Use the tax amount from your purchase quote.
What if my trade-in loan exceeds its value?
This model accepts non-negative net trade equity only. Ask for a financing quote that explicitly accounts for any unpaid trade-in debt.
Does the monthly payment include insurance or maintenance?
No. The payment covers the financed loan only. Insurance, registration, fuel and maintenance are outside this calculation.