2026
Car loan calculator
Estimate a monthly car payment from the price, down payment, trade-in, interest rate, term, and provincial sales tax.
Last updated
Monthly payment
$683.97
60 months at 6.99%
- Price after trade-in
- $35,000.00
- Sales tax financed
- $4,550.00
- Amount financed
- $34,550.00
- Total of payments
- $41,038.20
- Interest
- $6,488.20
Worked example
A $35,000.00 vehicle in Ontario, with $5,000.00 down, no trade-in, and a 6.99% annual rate compounded monthly for 60 months, includes $4,550.00 of HST in the amount financed. The regular monthly payment is $683.97. Total interest on the rounded payments is $6,488.20. The 6.99% rate is an example input, not a market rate.
Methodology
Sales tax is calculated on the price minus the trade-in allowance, using the same GST/HST/PST rates as the sales-tax calculator. Some provinces tax a private sale or a dealer trade-in differently. The amount financed is that tax-included balance minus the down payment. The payment uses the standard formula with the annual rate divided by 12. A final payment at a real lender can differ by a few cents because of rounding. Fees, balloon payments, and leases are not included.