Estimate your monthly car payment and total financing cost
Month-by-month loan breakdown
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $579 | $431 | $148 | $29,569 |
| 2 | $579 | $433 | $145 | $29,136 |
| 3 | $579 | $435 | $143 | $28,700 |
| 4 | $579 | $437 | $141 | $28,263 |
| 5 | $579 | $440 | $139 | $27,823 |
| 6 | $579 | $442 | $137 | $27,381 |
| 7 | $579 | $444 | $135 | $26,937 |
| 8 | $579 | $446 | $132 | $26,491 |
| 9 | $579 | $448 | $130 | $26,043 |
| 10 | $579 | $451 | $128 | $25,592 |
| 11 | $579 | $453 | $126 | $25,140 |
| 12 | $579 | $455 | $124 | $24,685 |
| 13 | $579 | $457 | $121 | $24,227 |
| 14 | $579 | $459 | $119 | $23,768 |
| 15 | $579 | $462 | $117 | $23,306 |
| 16 | $579 | $464 | $115 | $22,842 |
| 17 | $579 | $466 | $112 | $22,376 |
| 18 | $579 | $469 | $110 | $21,907 |
| 19 | $579 | $471 | $108 | $21,437 |
| 20 | $579 | $473 | $105 | $20,963 |
| 21 | $579 | $476 | $103 | $20,488 |
| 22 | $579 | $478 | $101 | $20,010 |
| 23 | $579 | $480 | $98 | $19,530 |
| 24 | $579 | $483 | $96 | $19,047 |
Enter the vehicle price, down payment, trade-in value, APR, and term to see your monthly car payment and the total cost of the loan. The calculator uses standard amortization, the same math lenders use for fixed-rate auto loans.
The two levers that matter most are the amount financed and the term. Longer terms (72–84 months) shrink the payment but raise total interest and increase the time you owe more than the car is worth.
M = P · r(1 + r)^n / ((1 + r)^n − 1)Shorter is generally better: 36–60 months keeps total interest down and gets you to positive equity faster. If you need 72+ months to afford the payment, that's often a sign the car is more than the budget comfortably supports.
Rolling sales tax, title, and fees into the loan is common but means paying interest on them for years. Paying them upfront when possible keeps the financed amount — and total cost — lower.
Used car APRs run higher than new car APRs, but new cars depreciate faster in the first years. Compare total cost of ownership, not just the rate. Certified pre-owned vehicles often hit a sweet spot of price and financing.
Owing more than the car's market value. It happens with small down payments, long terms, or rolling old loan balances into new loans. It's risky because an accident or forced sale leaves you paying for a car you no longer have — gap insurance covers that difference.
Long car loans buy a lower payment with years of extra interest and negative equity. Here's the real math on 48 vs 60 vs 72 vs 84-month auto loans.