CalculynWhat is the monthly payment on a $60k car loan?
At 7% APR over 60 months, a $60,000 car loan costs about $1,188 a month, with $11,284 in total interest.
Payment by loan term
| Term | Monthly | Total interest |
|---|---|---|
| 36 months | $1,853 | $6,695 |
| 48 months | $1,437 | $8,965 |
| 60 months | $1,188 | $11,284 |
| 72 months | $1,023 | $13,652 |
| 84 months | $906 | $16,067 |
Payment by interest rate (60 months)
Example rates, not a quote. Your rate depends on credit, lender and vehicle age.
| APR | Monthly | Total interest |
|---|---|---|
| 5% | $1,132 | $7,936 |
| 6% | $1,160 | $9,598 |
| 7% | $1,188 | $11,284 |
| 8% | $1,217 | $12,995 |
| 10% | $1,275 | $16,489 |
How it's calculated
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (APR ÷ 12) and n the number of months. Taxes, fees and a down payment change the amount you finance.
Change the numbers →
Open the Car Payment Calculator with these values filled in.
These figures are educational estimates, not financial advice.
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