Payment calculator
Run the number before anyone runs it for you.
Price, down payment, trade equity, rate and term — change any of them and watch the payment, the total interest and the amortization move. Then flip to target mode and work the math backwards from what you want to pay each month. If the APR is the part you are guessing at, pre-qualify first: it is a soft pull, so it costs your credit score nothing.
Payment calculator
Guessing at the APR above? A soft-pull pre-qualification gives you a rate range and a payment ceiling in about two minutes, without a hard inquiry and without a Social Security number.
Estimated monthly payment
$630.99/mo
72 payments at 6.49% APR on $38,500, with $3,850 down.
- Vehicle price
- $38,500
- Sales tax (6.625%)
- $2,551
- Documentary fee
- $347
- Cash down
- −$3,850
- Amount financed
- $37,548
- Total interest
- $7,884
- Total of payments
- $45,432
Estimates only, not an offer of credit or a quote. Figures exclude title, registration, insurance and any optional protection products, and assume approved credit at the rate you entered with the first payment due 30 days after delivery. Your real rate comes from a lender after an application.
Where the money goes
The first six payments and the last three on this structure. Early payments are mostly interest and the balance barely moves — that is the part of a long term nobody explains at the desk. Of your first payment, $203.07 is interest and only $427.92 reduces what you owe.
| Payment | Amount | Interest | Principal | Balance after |
|---|---|---|---|---|
| 1 | $630.99 | $203.07 | $427.92 | $37,120 |
| 2 | $630.99 | $200.76 | $430.24 | $36,689 |
| 3 | $630.99 | $198.43 | $432.57 | $36,257 |
| 4 | $630.99 | $196.09 | $434.90 | $35,822 |
| 5 | $630.99 | $193.74 | $437.26 | $35,385 |
| 6 | $630.99 | $191.37 | $439.62 | $34,945 |
| 63 payments not shown | ||||
| 70 | $630.99 | $10.13 | $620.87 | $1,252 |
| 71 | $630.99 | $6.77 | $624.22 | $628 |
| 72 | $630.99 | $3.39 | $627.60 | $0 |
Simple-interest schedule with equal payments. Paying a little extra toward principal each month moves the payoff date forward and removes interest from the back of this table — none of the lenders we work with charge a prepayment penalty.
What a longer term really costs
The same vehicle, four different terms
$38,500 financed with $3,850 down at 6.49% APR, tax and documentary fee included. The payment falls every time you stretch it. Look at the last column before you decide that is a win.
| Term | Monthly | Total interest | Total paid | Extra interest vs 48 |
|---|---|---|---|---|
| 48 months | $890.27 | $5,185 | $42,733 | Baseline |
| 60 months | $734.49 | $6,522 | $44,069 | +$1,336 |
| 72 months | $630.99 | $7,884 | $45,432 | +$2,699 |
| 84 months | $557.38 | $9,272 | $46,820 | +$4,087 |
Four levers
What actually moves a car payment
There are only four numbers in the equation, and three of them are worth more attention than the one everybody argues about. Here is where the leverage really sits.
Move the price, not the term
Every $1,000 off the price takes roughly $17 off a 72-month payment. Every twelve months you add to the term takes less off than the twelve before it and costs you hundreds in interest.
Down payment does two jobs
It lowers the payment and it keeps you right side up. Tax and fees are financed too, so a zero-down loan starts several thousand dollars above what the vehicle is worth the day you drive it.
Fix the rate before the car
Three points of APR on a $30,000 loan over 72 months is more than $3,000. Paying down a card to drop a tier is often worth more than any discount you can negotiate on the sticker.
Watch the payoff on your trade
Negative equity rolls into the new loan and rides with you. If you are more than a few thousand upside down, keeping the vehicle another eight months is usually the cheaper answer.
What this calculator assumes
No hidden constants. Every assumption behind the arithmetic is listed here so you can check the output against your own spreadsheet.
- Sales tax is figured at 6.625% on the vehicle price less your trade-in allowance, which is how New Jersey treats a trade.
- The $347 documentary fee is included and financed with the balance.
- A trade payoff is added to the amount financed rather than subtracted from the price, because that is what actually happens on the contract.
- Payments are equal, simple interest, with the first one due about 30 days after delivery.
- Title, registration, insurance, service contracts and GAP are not included in any figure on this page.
These are estimates for planning, not an offer of credit. The rate you are actually approved for depends on the lender, your credit file, the term and the vehicle itself.