Looking to buy a car? It's important to understand what your monthly loan payment will be. Use our car loan calculator to see the total principal and interest you’ll owe each month, depending on the loan amount, annual interest rate, and the length of time over the loan will be repaid (also known as "the term").
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My Monthly Car Payment Will Be...
If you borrow $20,000 at 5.00% for 5 years, your monthly payment will be $377.42.
The payments do not change over time. Based on the loan amortization over the repayment period, the proportion of interest paid vs. principal repaid changes each month. Specifically, the amount of monthly interest paid decreases while the amount of principal paid increases.
Say that you take out a monthly payment on a $20,000 car loan at 5% over a 5-year period. Enter “$20,000” as the Loan Amount, “5” as the Term, and “5” as the Annual Interest Rate.