Debt
Auto Loan Calculator
A $35,000 car with $5,000 down at 7% over 6 years means borrowing $30,000, which is about $511 a month and $6,826 in interest.
Set the price, down payment, rate and term below. A bigger down payment or a shorter term cuts the interest fast.
$511
a month
You borrow$30,000
Interest−$6,826
Total for the car$41,826
Two things to watch
Dealers love to talk in monthly payments, because a long term can make an expensive car look affordable. The catch is you pay far more interest and you can end up owing more than the car is worth, which is called being underwater. A shorter term costs more each month but saves a lot overall, and a bigger down payment does the same. This figure is the loan only. It does not include sales tax, registration or insurance, which are real costs on top.
Loan only, excludes tax, fees and insurance. Not financial advice.
Common questions
Is a longer car loan a bad idea?
It lowers the payment but raises the interest, and it keeps you owing on a car that keeps losing value. Six years or less is a common line.