Car Payment Calculator
Amount financed, APR, and term — see your monthly auto loan payment, the total interest, and what extra payments would save.
What this car payment calculator does
A car payment has three ingredients: the amount you finance, the interest rate (APR), and the loan term. This calculator combines them with the same amortization math your lender uses, so the payment you see here should match the one in your loan offer to within a few cents. It also shows the number most dealers never volunteer: the total interestyou’ll pay over the life of the loan.
How to lower your car payment (without a longer loan)
- Bigger down payment or trade-in — every $1,000 less financed cuts roughly $20/month on a typical 60-month loan.
- Better APR — even one percentage point matters. Get quotes from a credit union or bank before accepting dealer financing.
- Cheaper car — the payment you can truly afford is one you can make while still saving. A common rule of thumb: all car costs under 15% of take-home pay.
Stretching the term to 72 or 84 months lowers the payment too — but it’s the most expensive lever. Compare the total interest at different terms above before you decide.
Already have a car loan?
If you’re paying off a car loan alongside credit cards or student loans, the order you attack them in changes what you pay in interest. Our free planner builds a month-by-month payoff plan across all your debts and shows your debt-free date.
Frequently asked questions
How is a car payment calculated?
Your monthly payment is calculated with the standard amortization formula: the amount you finance, the annual percentage rate divided by 12, and the number of monthly payments. Each payment covers that month’s interest first, and the rest reduces the loan balance.
What loan amount should I enter?
Enter the amount you actually finance: vehicle price plus taxes and fees, minus your down payment and trade-in value. That’s the balance the lender charges interest on.
Is 72 or 84 months a good idea for a car loan?
Longer terms lower the monthly payment but raise the total interest sharply, and cars depreciate fast — long loans spend years underwater (owing more than the car is worth). Try 60 vs 72 months in the calculator and compare the total interest line.
Do extra payments help on a car loan?
Yes. Most auto loans are simple-interest with no prepayment penalty, so every extra dollar goes straight to principal. Add an extra monthly amount in the calculator to see months and interest saved.
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Calculations assume monthly compounding (APR ÷ 12) and fixed minimum payments. Eagle Debt Payoff is a planning tool, not financial advice.