Auto loan
See your real monthly payment, total interest, and what stretching the term actually costs you.
Inputs
Amount financed
$30,000.00
Monthly payment
60 monthly payments
$592.62
Total interest paid
$5,557.29
Total cost of loan
Amount financed + interest
$35,557.29
You pay out of pocket
Down payment + trade-in
$5,000.00
Choosing a 48-month term instead would raise your payment to $717.00 but save you $1,141.47 in interest.
How this is calculated
M = P × [ r(1+r)n ] ÷ [ (1+r)n − 1 ]
- M = monthly payment
- P = vehicle price − down payment − trade-in value
- r = APR ÷ 12 (as a decimal)
- n = term in months
- If APR = 0, the payment simplifies to M = P ÷ n.
Worked example. Financing a $25,000 vehicle with no down payment or trade-in at 6.0% APR over 60 months gives r = 0.06 ÷ 12 = 0.005 and n = 60. Plugging in yields a monthly payment of $483.32.
What this payment leaves out
This is the loan payment only. It excludes sales tax, title and registration fees, and insurance — real out-the-door cost is higher. Dealers often quote payments on longer terms (72 or 84 months) to make an expensive car feel affordable, but every extra year piles on interest and keeps you underwater on the loan for longer. Always compare the total interest, not just the monthly number.