What will this car loan cost each month?

Enter the vehicle price, down payment, rate, and term. SmartFin shows the modeled payment, total interest, and amortization schedule.

After the down payment, the modeled loan principal is $28,800. Under the selected rate and term, the modeled payment is $570 a month and modeled total interest is $5,416.

Inputs: $32,000 vehicle price, 10% down ($3,200), 7% annual rate fixed for 5 years, monthly payments.

$

From $1,000 to $10,000,000.

%

From 0% to 100% of the price.

%

From 0% to 30% a year, fixed for the whole term.

Loan term5 years

From 2 to 8 years.

Monthly payment is $570
Total paid$34,216
Total interest$5,416
Principal$28,800
$0$2K$4K$6K$8KYear 1Year 2Year 3Year 4Year 5PrincipalInterest
$0$2K$4K$6K$8KYear 1Year 3Year 5PrincipalInterest

Amortization schedule

YearPaymentPrincipalInterestRemaining balance
Year 1$6,843$4,985$1,858$23,815
Year 2$6,843$5,346$1,498$18,469
Year 3$6,843$5,732$1,111$12,737
Year 4$6,843$6,146$697$6,591
Year 5$6,843$6,591$253$0

Where each payment goes

Over 5 years the loan is repaid in 60 payments, $34,216 in all: the $28,800 borrowed plus $5,416 of modeled interest.

Interest is charged on the balance still owed, so the early payments carry the most of it. Payment 1 is $168 interest and $402 principal; the schedule above shows every year.

How the term changes the payment

A longer term can reduce the scheduled payment while increasing total modeled interest. Every row below uses $28,800 at 7%.

TermMonthly paymentModeled total interestTotal paid
3 years$889$3,213$32,013
4 years$690$4,303$33,103
5 years (your inputs)$570$5,416$34,216
6 years$491$6,553$35,353

Moving from 3 years to 6 years changes the payment by −$398 a month and the modeled total interest by +$3,339.

Vehicle value is separate

This calculator does not estimate resale value, depreciation, insurance, registration, sales tax, dealer fees or maintenance, and it has no trade-in input. The payment shown is for the loan only, not the full cost of owning the car.

It also assumes the rate stays fixed for the whole term and every payment is made in full, on schedule, with nothing extra.

About this calculation

What it calculates
The monthly payment, total modeled interest and year-by-year amortization of a fixed-rate car loan.
Inputs
Vehicle price from $1,000 to $10,000,000, down payment from 0% to 100%, rate from 0% to 30% a year, term from 2 to 8 years. A value outside these gets an error, and nothing is calculated. The principal is the vehicle price × (1 − down payment %). The currency menu changes the symbol only; no exchange rate is applied.
Calculation
Monthly payment M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P is the principal, r is the annual rate ÷ 12 and n is the term in years × 12. At a 0% rate, M = P ÷ n. Total paid = M × n. Total interest = total paid − P.
Timing
n monthly payments, the first one month after the loan starts. Each month’s interest is the balance owed at the start of that month × r; the rest of the payment reduces the balance. The yearly schedule adds up 12 months at a time. No calendar dates are used.
Data
None beyond the inputs. No lender or market data are used.
Adjustments
None. No sales tax, fees, rate change or prepayment is applied.
Rounding
Every figure is calculated at full precision and rounded to the nearest whole currency unit only for display. Each figure is rounded on its own, so parts shown side by side (a payment’s interest and principal, or a year’s) can add up to one unit more or less than their total.
Exclusions
Sales tax, registration, dealer fees, trade-in value, insurance, maintenance and depreciation.
Freshness
No market data, so the result does not go out of date. Method reviewed 27 October 2026.
Reproduce
Open this calculator with the inputs above

SmartFin result

Question
What is the monthly payment on a $32,000 car with 10% down at 7% over 5 years?
Answer
$570 a month; $5,416 modeled total interest; $34,216 total paid on the loan.
Inputs
$32,000 vehicle price, 10% down ($3,200), 7% annual rate fixed for 5 years, monthly payments.
Calculation
Fixed-rate amortization with monthly payments, described above.
Data
The inputs only. No lender or market data.
Exclusions
Sales tax, registration, dealer fees, trade-in, insurance, maintenance and depreciation.
Reproduce
https://smartfin.fyi/car-loan-calculator.html?vehiclePrice=32000&downPayment=10&rate=7&term=5

A $28,800 fixed-rate car loan ($32,000 vehicle, 10% down) at 7% over 5 years has a modeled payment of $570 a month and $5,416 in modeled total interest. The result uses the inputs shown and the method described on this page. It excludes sales tax, registration, dealer fees, insurance and other ownership costs. Reproduce the calculation here: https://smartfin.fyi/car-loan-calculator.html?vehiclePrice=32000&downPayment=10&rate=7&term=5.

Common questions

How is the car loan payment calculated?

From the principal, the monthly rate and the number of payments. Here that is $28,800, 7% ÷ 12 = 0.5833% a month, and 60 payments, which gives $570 a month. The formula is under About this calculation.

How does the loan term change the payment?

For the same principal and rate, spreading repayment across more payments lowers the scheduled payment and increases modeled interest. On these inputs, 3 years is $889 a month with $3,213 of interest, and 6 years is $491 a month with $6,553.

Does the calculator include car ownership costs?

No. The $570 covers the loan only. Insurance, registration, sales tax, fuel, maintenance and depreciation are not modeled.

Comparing a current car loan with new financing? The Refinance Calculator compares the current and new loan: modeled payment difference, break-even point and interest difference.

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