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Calculate your monthly payment, total interest, and see a full amortization schedule. Results update instantly as you type.
Loan Details
Monthly Payment
per month
Loan Amount
$30,000
Total Interest
$5,024
Total Cost
$35,024
Payoff Date
Jun 2030
Payment Breakdown
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How the EMI formula works.
P = Loan Amount (price − down payment − trade-in)
r = Monthly rate (annual rate ÷ 12 ÷ 100)
n = Number of months (loan term)
What is EMI?
Equated Monthly Installment — the fixed amount you pay each month, comprising both principal repayment and interest. Early payments are interest-heavy; later payments shift toward principal.
US rate context
The average new car loan rate in the US is 6–8% APR (2024). Credit scores above 720 typically qualify for rates under 6%. Used car loans generally run 1–3% higher.
Frequently asked questions.
How is the monthly payment calculated?
We use the standard EMI formula: P × r × (1+r)ⁿ / ((1+r)ⁿ − 1). Your loan amount (P) is car price minus down payment and trade-in value.
What is a good interest rate for a car loan?
For new cars in the US, excellent credit (720+) qualifies for 4–6% APR. Average credit (660–719) typically sees 7–10%. Rates above 15% are considered high.
Should I put more money down?
A larger down payment reduces your loan amount, monthly payment, and total interest paid. A 20% down payment is a common guideline to avoid being "underwater" on your loan.
Is a 72 or 84-month loan a good idea?
Longer terms lower monthly payments but significantly increase total interest. A 72-month loan at 7% can cost 40% more in interest than a 48-month loan. Consider the tradeoff carefully.