CalculateY
Quick Answer
A $30,000 vehicle with $5,000 down at 6% interest for 60 months has an estimated monthly payment of approximately $483. Total interest paid over the loan is approximately $3,975.
Common Examples
| Input | Result |
|---|---|
| $25,000 car, $3,000 down, 5% for 48 months | Estimated $507/month |
| $30,000 car, $5,000 down, 6% for 60 months | Estimated $483/month |
| $40,000 car, $10,000 down, 7% for 72 months | Estimated $513/month |
| $20,000 car, $0 down, 4.5% for 36 months | Estimated $595/month |
How It Works
This calculator uses the standard amortization formula to estimate fixed-rate auto loan payments:
M = P x [r(1 + r)^n] / [(1 + r)^n - 1]
Where:
- M = estimated monthly payment
- P = principal (vehicle price minus down payment minus trade-in value)
- r = monthly interest rate (annual rate / 12 / 100)
- n = loan term in months
The estimated total paid is M x n, and the estimated total interest is the total paid minus the principal.
For a 0% interest rate, the estimated monthly payment is simply the principal divided by the number of months.
Worked Example
For a $30,000 vehicle with $5,000 down payment and no trade-in at 6% for 60 months: Loan amount P = $25,000. Monthly rate r = 0.06/12 = 0.005. Number of payments n = 60. M = 25000 x [0.005(1.005)^60] / [(1.005)^60 - 1] = 25000 x [0.006744] / [0.3489] ≈ $483.32 per month. Total paid = $28,999, with approximately $3,999 in interest.