Skip to content
StepShown

See the loan, when you may owe more than the car is worth, and the cost of owning it

See the loan payment, running costs, value loss, and any old car debt added to the new loan. Compare what you owe with the car's estimated value.

Loading your saved values and results

How this tool was checked

Sources and review

Expert review is still needed

StepShown checked the calculation code and its tests. An independent expert in this subject has not checked it yet. Use it to plan, and ask a qualified professional before making an important decision.

Calculation version
Version 1.2
Last updated
Person responsible
StepShown engineering
  • Take control of your auto loan

    Published by Consumer Financial Protection Bureau. Area covered: United States. StepShown owner: StepShown editorial. Checked . Check again by . Amount financed, finance charge, APR, total of payments, trade in treatment, optional add ons, and the disclosures used to compare auto financing. Reference guidance; no date specific value is ingested.

  • How do I compare auto loan offers?

    Published by Consumer Financial Protection Bureau. Area covered: United States. StepShown owner: StepShown editorial. Checked . Check again by . Comparing amount financed, APR or interest rate, loan term, monthly payment, and total interest, including the published $20,000 at 4.75% term examples used in regression tests. Reference guidance; no date specific value is ingested.

  • Key terms for auto loans

    Published by Consumer Financial Protection Bureau. Area covered: United States. StepShown owner: StepShown editorial. Checked . Check again by . Definitions and limitations for APR, interest rate, negative equity, GAP coverage, loan term, and total loan cost. Reference guidance; no date specific value is ingested.

  • Auto trade ins and negative equity

    Published by Federal Trade Commission. Area covered: United States. StepShown owner: StepShown editorial. Checked . Check again by . How a prior loan shortfall can be rolled into new financing, increasing the new loan balance and interest cost. Reference guidance; no date specific value is ingested.

  • Consumer Credit, G.19

    Published by Board of Governors of the Federal Reserve System. Area covered: United States. StepShown owner: StepShown finance review. Checked . Check again by . The 7.14% second quarter 2026 common 60-month new car APR used, rounded to 7.1%, in the dated national example. Second quarter 2026 commercial bank 60 month new car APR. The Federal Reserve defines it as the simple average of each reporting bank's most common rate in the first calendar week of May. Published July 8, 2026.

  • 2025 Your Driving Costs fact sheet

    Published by AAA. Area covered: United States. StepShown owner: StepShown automotive review. Checked . Check again by . The dated national new vehicle example for MSRP, annual depreciation, full coverage insurance, fuel cost per mile, maintenance cost per mile, annual mileage, and 15% cash down. AAA 2025 weighted new vehicle study. StepShown rounds the figures and presents them only as an editable national example.

  • Vehicle Cost Calculator assumptions and methodology

    Published by U.S. Department of Energy. Area covered: United States. StepShown owner: StepShown editorial. Checked . Check again by . The use of vehicle efficiency, energy consumption, operating costs, and user overridable estimates in ownership comparisons. Reference guidance; no date specific value is ingested.

  • 2022 and 2023 Auto Insurance Database Report

    Published by National Association of Insurance Commissioners. Area covered: United States. StepShown owner: StepShown automotive review. Checked . Check again by . The 2023 state and countrywide average expenditure per insured vehicle used to adjust the AAA national insurance example by state. Latest comparable state expenditure data available in the report released February 2026. StepShown uses state to countrywide ratios, not the figures as insurance quotes. NAIC warns that the state averages do not represent equal exposure or coverage.

  • State motor gasoline price and expenditure estimates for 2024

    Published by U.S. Energy Information Administration. Area covered: United States. StepShown owner: StepShown automotive review. Checked . Check again by . The 2024 state and national transportation motor gasoline prices used to adjust the AAA national gasoline example by state. Latest complete annual State Energy Data System table available in July 2026. StepShown uses state to national ratios, not a future fuel price forecast.

Location planning

37 state guides show a large enough change to affect the answer.

Browse the location guides

Read the StepShown calculation and writing rules, or report a problem.

Learn more

How the calculation works

StepShown first builds the transaction. The vehicle price is reduced by cash down and the trade in amount left after its old loan. If the old loan is larger than the trade in value, the missing amount is added to the new loan. Sales tax follows the choice you select, and tax and fees either enter the loan or remain in cash due at signing.

StepShown pays the borrowed amount down month by month using the entered rate and loan length. The result shows the payment, interest, total of payments, and remaining balance. CFPB recommends comparing these figures together because a lower payment can come from a longer and more expensive loan.

Car value is a separate estimate. StepShown applies the entered annual value loss percentage to the original price in a straight line. When the scheduled balance is above that modeled value, the chart marks when the loan is larger than the estimated car value. Real sale values do not fall evenly, so this chart is an example, not a professional appraisal.

Estimated ownership cost combines loss in car value, loan interest, sales tax, entered fees, insurance, energy, maintenance, and any old loan amount not covered by the trade in. It does not add loan payments again because the loss in car value already represents the part of the vehicle’s purchase value used during the selected term.

The starting inputs are a dated national new vehicle example. Selecting a state adjusts only insurance and gasoline using the latest comparable NAIC and U.S. Energy Information Administration state data. StepShown does not guess transaction tax, registration, dealer fees, trade in tax treatment, electric charging, or a personal quote. Use the actual purchase and loan documents, replace the planning estimates with quotes, and test more than one cautious resale assumption.

Common questions

What does negative equity mean?

Negative equity means you owe more than the car is worth. Selling or trading can require extra cash, or the difference may be added to a new loan. The chart uses your value loss estimate. It is not a professional car appraisal.

Why compare more than the monthly payment?

A longer loan can lower the monthly payment while adding more total interest and keeping the balance high for longer. The Consumer Financial Protection Bureau recommends comparing the amount borrowed, annual percentage rate, loan length, monthly payment, total interest and fees, and total payments.

Where do the starting numbers come from?

They are an example for a new car in the United States. Price, insurance, fuel, upkeep, and value loss use the American Automobile Association 2025 driving cost study. The loan rate uses the Federal Reserve's second quarter 2026 common 60 month new car annual percentage rate, rounded to one decimal place. Selecting a state adjusts only insurance and gasoline using NAIC 2023 and U.S. Energy Information Administration 2024 comparisons. These numbers are not a quote for your car or credit.

What changes when I select a state?

Only the insurance and gasoline planning estimates change. The insurance adjustment compares the latest NAIC state average expenditure with the national figure. The gasoline adjustment compares the latest U.S. Energy Information Administration state motor gasoline price with the national figure. StepShown does not guess sales tax, registration, title, dealer fees, trade in rules, local prices, electric charging, or your personal insurance quote.

How should I choose a depreciation input?

Find a cautious future sale price for the exact car. Subtract it from the purchase price. Divide that loss by the purchase price and by the years you expect to keep it. This tool removes the same share of the original price each year. Real car values do not fall so evenly.

Does a trade in reduce sales tax?

The treatment depends on the transaction and location. Select the basis shown on the buyer's order or confirmed by local tax guidance. The default calculates tax on the full vehicle price because StepShown does not infer a local rule.

Should tax and fees be financed?

Use the option that matches the contract. Financing tax and fees increases the amount financed and can increase interest. Paying them upfront increases cash due at signing but keeps them out of the loan.

Is the entered rate the same as APR?

Enter the interest rate used to calculate the loan payment. When comparing real offers, read each lender's required details. Annual percentage rate, called APR, includes the interest rate and certain fees so credit offers are easier to compare.

What is included in projected ownership cost?

It includes modeled depreciation, loan interest, sales tax, entered fees, insurance, energy, maintenance, and any prior loan shortfall rolled into the transaction. It excludes the vehicle's remaining value because depreciation already represents the portion of purchase value used during the term.

What should replace the example inputs?

Use the buyer's order for price, tax, fees, trade allowance, and cash due; a lender disclosure or preapproval for loan terms; insurance quotes; your own driving costs; and a conservative resale estimate for the exact vehicle.

Where to go next

A car payment competes with everything else you are trying to fund.

Or browse everything in Automotive.

Auto Loan: What does this car cost me over the whole loan? · StepShown