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Car Loan Calculator

Calculate your monthly car payment, total interest, and see a full amortization schedule. Enter vehicle price, down payment, interest rate, and loan term.

$
$
%
Monthly Payment
$0.00
Loan Amount
$0
Total Interest
$0
Total of 0 payments: $0.00 | Down payment: $0 (0%)
Principal Interest
$0 $0

Amortization Schedule

See how each payment breaks down over time

# Payment Principal Interest Balance

About This Tool

Buying a car is one of the biggest purchases most people make. Before you walk into a dealership, know exactly what you can afford. This calculator shows your monthly payment, total interest paid over the life of the loan, and a complete amortization schedule — so you can see how much goes to principal vs. interest each month. Enter the vehicle price, your down payment (as a dollar amount or percentage), the annual interest rate (APR), and the loan term. The calculator instantly shows your monthly payment and breaks down the true cost of financing. A longer loan means lower monthly payments, but you'll pay more interest overall — this tool helps you find the right balance. Whether you're buying new or used, financing through a dealer or a bank, use this calculator to compare loan terms before you commit. Even a 1% difference in APR can mean thousands of dollars over the life of the loan.

How to Use

1. Enter the vehicle price (the total cost before financing) 2. Enter your down payment — either as a dollar amount or use the % toggle 3. Set the annual interest rate (APR) — check your bank or dealer offer 4. Choose the loan term in months (36, 48, 60, 72, or 84 are common) 5. View your monthly payment, total amount paid, and total interest 6. Scroll down to see the full amortization schedule showing each payment 7. Use "Copy Link" to save or share your calculation

Formula

Loan Amount = Vehicle Price − Down Payment Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1] Where: P = Loan principal (amount borrowed) r = Monthly interest rate (APR ÷ 12 ÷ 100) n = Number of monthly payments (loan term) Total Amount Paid = Monthly Payment × Number of Payments Total Interest = Total Amount Paid − Loan Amount

Frequently Asked Questions

How much car can I afford?
A common guideline is to spend no more than 10-15% of your monthly income on car payments. For a $60,000 annual salary ($5,000/month), that means a payment of $500-750/month. Don't forget to budget for insurance, fuel, and maintenance — typically an additional $200-500/month.
What is a good APR for a car loan?
As of 2024-2025, good APR rates are: 5-7% for excellent credit (750+), 7-10% for good credit (700-749), 10-15% for fair credit (650-699), and 15%+ for poor credit (below 650). New cars typically get lower rates than used cars. Credit unions often offer rates 1-2% lower than banks or dealers.
Should I choose a longer or shorter loan term?
Shorter loans (36-48 months) have higher monthly payments but much less total interest. Longer loans (72-84 months) have lower payments but you'll pay thousands more in interest and may owe more than the car is worth (negative equity). A 60-month loan is a common middle ground.
How much does a $30,000 car cost per month?
A $30,000 car with $3,000 down, 7% APR: 36-month loan = $833/mo ($2,988 interest), 60-month loan = $535/mo ($5,100 interest), 72-month loan = $461/mo ($6,192 interest). The longer loan costs over $3,000 more in interest.
Is it better to put more money down?
Yes, a larger down payment reduces your loan amount, monthly payment, and total interest. It also reduces the risk of being 'underwater' (owing more than the car is worth). Aim for at least 10-20% down. However, don't drain your emergency fund — balance is key.
What's included in the monthly payment?
This calculator shows the principal and interest portion of your payment. Your actual payment to the lender may also include taxes and fees rolled into the loan. Insurance, registration, and maintenance are separate costs not included in the loan payment.
How do I lower my car payment?
To lower your monthly payment: 1) Increase your down payment, 2) Choose a longer loan term (but you'll pay more interest), 3) Shop for a lower APR (check credit unions), 4) Choose a less expensive vehicle, 5) Improve your credit score before applying.

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