Car Loan Calculator — Monthly Payment & Total Interest
Calculate monthly car payments, total interest, and full cost of your auto loan.
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Your Results
Monthly Payment
$601
Loan Amount
$30,000
Total Interest
$6,068
Total Cost
$36,068
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How This Calculator Works
Monthly payment = Loan × (r(1+r)^n)/((1+r)^n-1) where r = monthly rate, n = term months. Loan = Price - Down payment - Trade-in value.
Frequently Asked Questions
Keep total car costs (payment + insurance + gas) under 15-20% of monthly take-home pay. For a $5,000/month income, budget max $750-$1,000 total.
Excellent credit (750+): 4-6%. Good (700-749): 6-8%. Fair (650-699): 9-13%. Get pre-approved by a bank or credit union before visiting a dealer.
72-84 month loans lower payments but cost thousands more in interest and leave you upside-down for years. Stick to 48-60 months maximum.
At least 10% for used cars, 20% for new. Down payment reduces your loan amount, monthly payment, and interest paid.
Get pre-approved by your bank or credit union first. Then compare to dealer financing. Dealers may mark up rates by 1-2%. Negotiate the car price separately from financing.
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Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.