Car Loan Calculator
Monthly payment · total interest · amortization
$35,000
$5,000
14.3%
7.0%
60 months (5 yr)
$
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Monthly payment
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Loan amount
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Total interest
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Total cost
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APR entered
Car loan snapshot
Enter the vehicle price, your down payment and the dealer's APR to see the exact monthly payment and total cost.
Amortization schedule (first 12 months + last month)
| # | Payment | Principal | Interest | Balance |
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How auto loan payments are calculated
- Monthly payment formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P = loan amount, r = monthly rate (APR ÷ 12), n = number of months.
- Loan amount: vehicle price + sales tax − down payment − trade-in value.
- APR vs interest rate: APR (Annual Percentage Rate) includes fees; the interest rate does not. Always compare APRs across lenders, not just the stated rate.
- Loan term trade-off: A longer term lowers monthly payments but significantly increases total interest paid. A 72-month loan on a $30,000 vehicle at 7% costs roughly $3,000 more in interest than a 48-month loan.
- Good APR benchmark (2026): New-car buyers with excellent credit (720+) typically see 5–7% APR. Used-car rates run 1–3% higher. Rates above 10% add up quickly — consider a bigger down payment or a shorter term.
Tip: Getting pre-approved by your bank or credit union before visiting the dealership gives you a rate benchmark and negotiating power. Dealers often mark up the rate they offer even if you qualify for a lower one.