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Car loan calculator: payment and total cost by loan length
See the monthly payment and, more importantly, the total you will pay, for every common loan length at once. A lower payment from a longer loan usually costs more in total; this shows exactly how much. Free, and nothing you type leaves your browser.
Enter the amount financed and the APR to start.
Have the dealer’s actual quote? Upload it instead of typing: we read every line, you confirm the figures, and we check the dealer’s arithmetic, explain each fee and add-on, and draft your reply. Two quotes? Compare them side by side.
Explain my dealer quoteCompare two quotesWhy compare loan lengths
At the same APR, a longer loan has a lower monthly payment and a higher total of payments, because you pay interest for longer. Borrowing $30,000 at 6.9%, for example, costs $592.62 a month over 60 payments ($35,557.20 in total) and $451.32 a month over 84 payments ($37,910.88 in total). The table above does that comparison for your numbers. Our guide on 60 vs 72 vs 84-month loans goes further.
The three numbers on a car loan
The amount financed is what you borrow. The total of payments is what you pay back. The difference is the finance charge, the cost of the loan in dollars. In the US these, with the APR, are disclosed on the installment contract; compare them between offers rather than the monthly payment alone. See amount financed vs out-the-door price and APR vs interest rate.
How the payment is calculated
We use the standard loan formula with exact arithmetic, assuming monthly payments starting a month after the loan begins, and round the payment to the cent, the same method our quote tool uses to check a dealer’s payment. A lender’s figure can differ by a little depending on the first-payment date.
Frequently asked questions
How is a car loan payment calculated?
With the standard loan formula: the payment that pays off the amount financed, with interest at the APR divided by 12 each month, over the number of payments, less any final balloon payment. This calculator uses exact arithmetic and rounds the payment to the cent.
Is a 72 or 84-month car loan worth it?
That depends on your budget, the rate and how long you plan to keep the car, so we cannot say. At the same APR, a longer loan always has a lower payment and a higher total of payments; the table shows exactly how much higher.
What is the total of payments on a car loan?
The total of payments is the monthly payment multiplied by the number of payments, plus any balloon payment. The difference between it and the amount financed is the finance charge, the cost of the loan in dollars.
What is a balloon payment?
A balloon payment is a larger final payment due at the end of the loan. It lowers the monthly payments but leaves a lump sum to pay, refinance or settle at the end.
Why does my dealer's payment differ from this calculator?
The dealer's payment may include products added to the loan, a different APR or term, or a different first-payment date. Ask for the amount financed, APR, number of payments and total of payments behind the payment.