Inputs
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Monthly payment
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Enter values to calculate.
Total interest
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Total cost
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Formulas: monthly = P x r / (1 - (1+r)^-n), with r = APR/12 and n = years x 12.
Enter car price, down payment, rate and term to get your monthly payment and total interest.
Results update live as you type.
Enter values to calculate.
Each monthly payment first covers that month's interest on the remaining balance, then reduces the principal. Early payments are mostly interest; later ones mostly principal. A bigger down payment cuts both the payment and the total interest.
A longer term lowers the monthly payment but raises total interest substantially. Compare the total interest figure, not just the monthly amount, when choosing between 4, 5 and 7 year terms.