Auto Loan Calculator
Calculate your monthly car payment, total interest, and full loan cost.
Interactive calculator
$
$
$
%
years
Result
Monthly payment
$601
Loan amount
$30,000
Total paid
$36,068
Total interest
$6,068
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What it is
An auto loan calculator shows what a car will actually cost you each month, plus the total interest you'll pay over the life of the loan.
The formula
Same amortization as a mortgage: M = P × r × (1 + r)^n / ((1 + r)^n − 1)
Why it matters
Stretching a loan to 72 or 84 months drops the monthly payment but can push you underwater — owing more than the car is worth.
Worked examples
5-year loan
$35k vehicle, $5k down, 7.5% APR, 60 months → about $601/mo.
7-year loan
Same vehicle, 84 months → payment drops to $461/mo but you pay ~$8,800 in interest.
Common pitfalls
- Rolling negative equity from your old car into the new loan.
- Buying based on monthly payment, not total price.
- Skipping gap insurance on a long loan when your down payment is small.
Frequently asked questions
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