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Car Loan Calculator

Find your monthly car payment, total interest cost, and full amortization schedule.

Updated June 2026 · Editorial standards

Your loan details

$
$
$
%
Monthly payment
$500.95
Total interest
$5,057
Total paid
$30,057
True car cost
$33,057

Your monthly payment is $500.95 for 60 months. Total interest: $5,057 (16.8% of total paid). The true cost of this car is $33,057.Consider a shorter loan term or larger down payment — interest alone adds $5,057 to the cost of this car.

Loan breakdown

Amortization (first 12 months)

MoPrincipalInterestBalance
1$345$156$24,655
2$347$154$24,308
3$349$152$23,959
4$351$150$23,608
5$353$148$23,255
6$356$145$22,899
7$358$143$22,541
8$360$141$22,181
9$362$139$21,819
10$365$136$21,454
11$367$134$21,088
12$369$132$20,718
By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the car loan calculator?

In short

Your monthly car payment depends on the loan amount, interest rate, and term. A $25,000 loan at 7.5% APR over 60 months costs about $501/month with $5,042 in total interest. Longer terms reduce monthly payments but dramatically increase total interest paid. A 72-month loan at 7.5% on the same amount adds an extra $2,000+ in interest compared to a 48-month term.

This car loan calculator finds your monthly payment, total interest, total paid, and the true cost of the vehicle. It also shows a full amortization schedule and a donut chart of principal vs interest.

How to use this calculator

  1. 1Enter the car price, down payment, and trade-in value.
  2. 2Select the loan term (24–72 months).
  3. 3Enter the annual interest rate (APR).
  4. 4Read the monthly payment and total interest cost.

The formula

M=P×r(1+r)n(1+r)n−1
Monthly payment = loan × r(1+r)^n / ((1+r)^n − 1), where r = monthly rate (APR ÷ 12) and n = term in months.
M
— Monthly payment
P
— Loan amount (price − down payment − trade-in)
r
— Monthly interest rate (APR ÷ 12)
n
— Number of monthly payments

Worked example

The scenario

$28,000 car, $3,000 down, 60-month term, 7.5% APR, no trade-in.

gives

The result

Loan = $25,000. Monthly payment ≈ $501. Total paid ≈ $30,041. Total interest ≈ $5,041. True car cost ≈ $33,041 (price + interest).

Common use cases

  • Comparing different loan terms on monthly payment and total cost
  • Deciding how much to put down to reduce interest
  • Evaluating the true cost of a car after financing
  • Understanding how dealer rate offers compare to credit union rates

Limitations & assumptions

  • Does not model dealer fees, registration, or sales tax.
  • Assumes a fixed interest rate for the entire term.
  • Does not model GAP insurance or extended warranty financing.
  • Does not account for the car's depreciation — the true economic cost also includes value lost over time.

Frequently asked questions

As of 2024, new car loan rates for excellent credit (750+) are typically 5–7%. Used car rates are 1–2% higher. Rates above 10% are considered high — consider waiting to improve credit or saving a larger down payment.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.