Estimate the monthly payment on a car loan and see how much interest the financing adds over the life of the loan. Enter the amount you're financing after any down payment or trade-in, then see how extra payments can pay the loan off early.
Amortization schedule
Period
Principal
Interest
Balance
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How it works
A car loan is a fixed-rate amortizing loan:
M = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]
P = amount financed (price − down payment − trade-in)
r = monthly rate (APR ÷ 12)
n = months in the term
Worked example
Finance $30,000 over 5 years at 7%:
Monthly payment ≈ $594
Total interest ≈ $5,640
Frequently asked questions
How do extra payments pay off a car loan early? +
Any amount you pay above the scheduled payment goes straight to the principal, which shrinks the balance and every future interest charge. Even an extra $50–$100 a month can shorten the term by months and cut hundreds in interest — just check your agreement for a prepayment penalty first.
What should I include in the loan amount? +
Enter the price of the car minus your down payment and any trade-in credit, plus any taxes or fees you're rolling into the loan. That's the amount actually financed.
Is a longer car loan a good idea? +
Longer terms (72–84 months) lower the monthly payment but cost more interest and risk leaving you 'underwater' — owing more than the car is worth. Shorter terms are cheaper overall.
Does my credit score affect the rate? +
Yes. A higher credit score typically earns a lower APR, which meaningfully reduces both your payment and total interest. Get pre-approved to compare real offers.