Car Loan Payment Calculator
Auto loan payment via amortization. Principal, APR, term → monthly + total interest.
Result
Monthly payment
$601.14
5-year loan; total interest $6,068.
- Vehicle price$35,000
- Down payment$5,000
- Trade-in$0
- Loan principal$30,000
- APR7.500%
- Term5 yr (60 payments)
- Monthly payment$601.14
- Total paid$36,068
- Total interest$6,068
Step-by-step
- Principal = price − down − trade-in = $30,000.
- Monthly rate = 0.075 / 12 = 0.006250.
- PMT = P × r / (1 − (1+r)^(−n)) = $601.14.
How to use this calculator
- Enter vehicle price, down, trade-in.
- Enter APR + loan term.
- Compare to your budget.
About this calculator
Auto loans use standard amortization: equal monthly payment covers interest plus principal, with interest portion shrinking each month. 60-month (5-year) loans are most common in the US, but 72- and 84-month terms are growing — beware: longer = lower payment but more total interest, and risk of being "underwater" (owing more than the car is worth) longer. As of 2025-2026, average new-car APR runs 7-9%.
Frequently asked
Risky. Most cars depreciate 30-50% in first 3 years. An 84-month loan keeps you upside-down for years — expensive if you total the car or trade early.
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