Car Loan Calculator
Calculate your monthly car payment and see the total cost of your auto loan. Adjust the down payment, interest rate, and term to find the right deal.
Monthly payment
$495
Total interest
$4,702
Total cost
$34,702
Including down payment
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The real cost of a car loan
A car loan spreads the cost of a vehicle over time, but interest means you end up paying significantly more than the sticker price. On a $30,000 car financed at 7% for 5 years, you'll pay over $5,600 in interest — nearly 19% more than the vehicle's price.
A larger down payment reduces both your monthly payment and total interest. Even an extra $2,000 upfront can save more than $2,000 in interest over the loan's life because each month's interest accrues on a smaller balance.
The 20/4/10 rule
A popular guideline: put at least 20% down, finance for no more than 4 years, and keep total car expenses (payment + insurance) under 10% of gross monthly income. This keeps you from being "underwater" or car-poor.
Shorter terms save money
A 36-month loan has higher payments than a 72-month loan, but you'll pay far less interest and own the vehicle outright sooner. Long-term car loans (72–84 months) often lead to negative equity — owing more than the car is worth — especially given typical depreciation curves.