Tools · Buying
The monthly payment is not the budget
See what the same car loan really costs at 60, 72, and 84 months — monthly payment, total interest, and total paid — before you sign.
Your loan
Start from the dealer's numbers. Every field is clamped to a sensible range, so a typo can't break the result.
Your result — 60 months
Amount financed: $44,600
- Total interest
- $8,388
- Total of all payments
- $52,988
- All-in monthly cost
- $1,168
- vs. the average new-car payment
- $96 vs. $787 avg
Stretching this loan to 84 months would add about $3,555 in interest vs. 60 months, for a lower monthly payment. That trade-off is the decision — not the payment alone.
Same loan, three terms
Total interest at each term — same amount, same APR. Longer term, lower payment, more interest.
Benchmark: Q3 2026 average was $787/mo, $9,938 total interest, 7.0% APR on $44,664 financed — 25.5% took 84 months or longer (Edmunds, Oct 1, 2026).
Common questions
How is a car loan monthly payment calculated?
Monthly payment M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount financed, r is APR ÷ 100 ÷ 12, and n is the term in months. If APR is 0%, M = P ÷ n. Totals use the exact (unrounded) payment; the payment shown is rounded to the nearest dollar.
How much more does an 84-month loan cost than a 60-month loan?
It depends on the amount and APR. For example, $44,600 financed at 7.0% APR costs about $3,555 more in interest over 84 months than over 60 months ($11,943 vs $8,388). Use your own numbers above.
What is the average new-car monthly payment?
In Q3 2026 the average financed new car was $787 a month (a record), with $9,938 average total interest at 7.0% APR on $44,664 financed (Edmunds, Oct 1, 2026). That average mixes in longer terms, so it is a benchmark, not a target.
Sources & formulas
- Monthly payment (standard amortisation): M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), P = amount financed, r = APR ÷ 100 ÷ 12, n = term in months. If APR is 0%, M = P ÷ n. Total paid = M × n. Total interest = total paid − P.
- Amount financed: vehicle price − down payment/trade-in + negative equity rolled in. Taxes, title, and dealer fees are not included — add them to the price if your quote includes them.
- Benchmarks (Edmunds, Q3 2026, published Oct 1, 2026): average financed $44,664; average payment $787/month (record); average total interest $9,938; average APR 7.0%; 25.5% of new-vehicle loans at 84 months or longer. Defaults ($49,600 price, $5,000 down, 7.0% APR) are illustrative only.
- All-in cost (AAA Your Driving Costs, Sept 15, 2026): new car $12,863/year all-in, about $1,072/month, over 5 years / 75,000 miles; depreciation $4,422/year, the largest cost.
- This is an estimate, not an offer, a quote, or financial advice. Rates, terms, and eligibility vary by buyer, vehicle, and lender — verify the APR, term, and total at the source before you sign.