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MyAutoCost results are planning estimates. Actual rates, taxes, fees and vehicle costs vary.

Car Payment

Car payment calculator

Estimate your monthly payment and see exactly how much of it goes to interest over the life of the loan.

Vehicle
$
$
$
%
$
Loan
%
Term (months)

MyAutoCost

Car payment calculator

Results and assumptions summary

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Monthly payment

$606

60 months at 7% APR

Amount financed
$30,620
Total interest
$5,759
Sales tax
$1,920
Total paid
$40,379
Incl. down payment & trade-in

Remaining balance by year

StartY1Y2Y3Y4Y5
Start
$30,620
Y1
$25,320
Y2
$19,636
Y3
$13,542
Y4
$7,007
Y5
$0
  • Principal84%$30,620
  • Interest16%$5,759
Assumptions used
  • Fixed APR with equal monthly payments; no prepayments.
  • This estimate assumes the trade-in reduces the taxable price. Tax treatment varies by jurisdiction.
  • Sales tax and fees are financed. Excludes negative equity and add-on products.

Assumptions used

  • Fixed APR with equal monthly payments; no prepayments.
  • This estimate assumes the trade-in reduces the taxable price. Tax treatment varies by jurisdiction.
  • Sales tax and fees are financed. Excludes negative equity and add-on products.

Educational estimates only — not financial, tax or legal advice. Actual rates, taxes, fees and vehicle costs vary.

https://myautocost.com/car-payment-calculator

How your car payment is calculated

Amount financed = Price + Sales tax + Fees − Down payment − Trade-in

Payment = P × r ÷ (1 − (1 + r)^−n), where r = APR ÷ 12 and n = months.

Example

A $32,000 car with $4,000 down, 6% sales tax, $700 in fees, 7% APR over 60 months finances about $30,620, for a payment near $606 and about $5,759 in interest.

Ways to lower your payment

  • Shop your rate with a bank or credit union before visiting the dealer.
  • Increase the down payment to reduce what you borrow.
  • Be cautious with 72–84 month terms: interest rises and you may owe more than the car is worth.

The payment is only part of the story — use the true cost of ownership calculator to add fuel, insurance and depreciation.

Need more detail? Try the payment calculator with tax and fees, the payment calculator with trade-in and payoff, or the negative equity calculator.

Frequently asked questions

Educational estimates only — not financial, tax or legal advice. Results depend on the inputs you provide and simplified assumptions. Confirm rates, taxes and fees with lenders, dealers and insurers before making decisions.

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