Calculate your exact monthly car payment, total interest cost, and amortization schedule. Compare loan terms and save thousands on your 2026 vehicle purchase.
| Month | Payment | Principal | Interest | Balance |
|---|
The calculator uses the standard amortization formula to determine your fixed monthly payment:
The fixed amount you pay each month, consisting of both principal and interest components.
Total amount financed: (Vehicle Price + Tax) - Down Payment - Trade-In Value
Annual Rate (APR) ÷ 12 ÷ 100. For 6.5% APR: 6.5 ÷ 12 ÷ 100 = 0.0054167
Loan term in months. 5 years = 60 months, 6 years = 72 months, etc.
Let's calculate a $35,000 car loan with $7,000 down at 6.5% APR for 60 months:
Scenario: Comparing loan offers with different credit tiers for a $45,000 SUV.
| Credit Tier | APR (2026) | Monthly Payment | Total Interest |
|---|---|---|---|
| Excellent (720+) | 5.2% | $731 | $4,860 |
| Good (680-719) | 6.5% | $765 | $6,300 |
| Fair (640-679) | 9.8% | $812 | $9,720 |
Insight: Improving your credit score from Fair to Excellent saves $81/month and $4,860 total on a 60-month loan.
Scenario: Deciding between 48, 60, and 72-month terms for a $30,000 vehicle.
| Term | Monthly Payment | Total Interest | 5-Year Cost |
|---|---|---|---|
| 48 months | $710 | $4,080 | $34,080 |
| 60 months | $587 | $5,220 | $35,220 |
| 72 months | $507 | $6,504 | $36,504 |
Insight: The 48-month loan saves $1,200 vs 60-month and $2,400 vs 72-month, but requires higher monthly payments.
Scenario: Comparing a $55,000 EV with incentives vs $45,000 gas vehicle.
| Vehicle Type | Price | Tax Credit | Effective Loan | Payment |
|---|---|---|---|---|
| Electric Vehicle | $55,000 | $7,500 | $47,500 | $882 |
| Gas Vehicle | $45,000 | $0 | $45,000 | $835 |
Insight: Despite higher sticker price, the EV's tax credit makes payments only $47/month higher while saving $1,200/year on fuel.