Car financing
Estimate your monthly car payment, total interest and overall loan cost.
Tax rate is an estimate. Actual vehicle taxes may vary by local area, transaction type, trade-in rules and other fees.
Estimated monthly payment
Loan progress
See your estimated remaining balance after making payments for a certain number of months.
See how your loan balance changes over time.
| Year | Principal paid | Interest paid | Remaining balance |
|---|
Your monthly car payment depends mainly on the amount you finance, your interest rate and the length of your loan.
A larger down payment reduces the amount you need to borrow. A lower interest rate can reduce both your monthly payment and the total interest paid over the life of the loan.
Suppose a vehicle costs $30,000 and you make a $3,000 down payment. After taxes, the remaining amount is financed at 8.99% for 72 months.
The calculator estimates the monthly payment and shows how much interest you may pay over the full loan term.
Borrowing less money usually means a lower monthly payment and less interest.
Even a small difference in APR can change how much you pay over several years.
Longer terms can lower monthly payments, but they may increase total interest.
FAQ
Yes. A larger down payment reduces the amount of money you need to finance.
A longer loan can reduce your monthly payment, but it can also increase the amount of interest you pay overall.
APR represents the annual percentage rate charged on your loan.
No. Dealer fees, registration costs and other charges vary and may need to be added separately.
DriveMath calculations are estimates for informational purposes only. Actual lender payments, interest, taxes and fees may differ.