Calculate your monthly car payment, total interest, and view your amortization schedule.
| Loan Amount | $30,000 |
| Annual Interest Rate | 6.50% |
| Loan Term | 60 months |
| Monthly Payment | $587 |
| Total Interest Paid | $5,219 |
| Total Amount Paid | $35,219 |
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Your car payment is $0/mo — add it to your budget.
Open Budget Planner with your numbersMonthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Total Interest = (Payment × n) − Principal
Where P = loan principal, r = monthly interest rate, n = number of months.
As of 2025, average auto loan rates range from 5-8% for good credit (700+), 8-12% for fair credit (600-699), and higher for poor credit. Credit unions often offer lower rates than dealerships. Always shop around before financing.
Using the loan payment formula: Payment = Principal × [r(1+r)^n] / [(1+r)^n - 1], where r is the monthly interest rate and n is the number of months. This ensures equal monthly payments throughout the loan term.
Car loans use amortizing schedules where each payment covers interest first, then principal. Early payments are mostly interest; later payments are mostly principal. This is effectively compound interest amortized over the loan term.
60 months = higher monthly payment but less total interest. 72 months = lower payment but more interest. A $35,000 car at 6%: 60mo = $677/mo ($5,620 interest) vs 72mo = $580/mo ($7,760 interest). Don't extend to afford a car you can't afford at a shorter term.
Total interest = (Monthly Payment × Number of Months) - Principal. A $30,000 car at 6% for 60 months: $580/mo × 60 = $34,800 total - $30,000 = $4,800 in interest. Paying extra principal monthly can significantly reduce this.
Most car loans allow early repayment without penalty. Paying extra toward principal monthly or making a lump sum payment can save thousands in interest. Always check your loan agreement for prepayment penalties.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.