Payment calculator
The payment, the total, and how long you would owe more than the car is worth. Change any number or see what you can afford
Starting numbers, yours to change
The deal
Your loan
$308.26 a month for 60 months. Amount financed $14,850. Total interest $3,646. You’d never be upside down with these numbers.
Monthly payment
$308.26
a month for 60 months at 9% APR
Last payment $308.42, to clear it to the cent.
Interest
20¢ of each dollar you pay
Upside down
Never
- No warnings
- Amount financed
- $14,850
- Total interest
- $3,646
- Total of payments
- $18,496
- Due when you sign
- $2,000
How we got the amount financed
- Car price
- $15,000.00
- Sales tax at 7%
- + $1,050.00
- Fees
- + $800.00
- Down payment
- − $2,000.00
- Trade in value
- − $0.00
- Still owed on trade in
- + $0.00
- Amount financed
- $14,850.00
Tax here is on the full price. Many states tax only the price less your trade in, so yours may be lower.
Month by month
What you owe and what it is worth
Point at the chart, or select it and use the arrow keys, to read any month.
- Still owed on the loan (solid line)
- Estimated value of the car (dashed line)
- Shaded: you owe more than it is worth
What you owe falls from $14,850 to $0 over 60 months. The estimated value falls from $15,000 to about $7,916. You’d never be upside down with these numbers.
See these numbers as a table
| Month | Still owed | Value, about | Upside down by |
|---|---|---|---|
| Signing | $14,850 | $15,000 | Not upside down |
| 12 | $12,387 | $13,200 | Not upside down |
| 24 | $9,694 | $11,616 | Not upside down |
| 36 | $6,748 | $10,222 | Not upside down |
| 48 | $3,525 | $8,995 | Not upside down |
| 60 | $0 | $7,916 | Not upside down |
Longer or shorter
The same loan at other lengths
| Length | Payment | Total interest | Upside down |
|---|---|---|---|
| 36 months | $472.23 | $2,150 | None |
| 48 months | $369.54 | $2,888 | None |
| 60 monthsYours | $308.26 | $3,646 | None |
| 72 months | $267.68 | $4,423 | None |
| 84 months | $238.92 | $5,220 | 13 months |
Upside down counts the payments after which you would still owe more than the estimated value.
The calculator, backward
What can I afford?
Cars up to $19,129, a loan of about $19,269.
Cars up to
$19,129
A loan of about $19,269 over 60 months at 9% APR, for $400 a month.
Leave room for insurance, gas and repairs, which are not in this payment. A shorter loan or a bigger down payment keeps you from owing more than the car is worth. Check a real price in the calculator above.
The car’s value is a rough estimate from round numbers, not a price for your car. Add ons, GAP and service contracts are not counted, so check the amount financed on a real offer, or run it through the offer X ray.
How the value estimate works
Nobody knows what a car will be worth in three years. This calculator uses a simple estimate so you can see the shape of a loan, not a price for your car.
It starts the car’s value at the price you pay. It takes off a set share over the first year, then a set share each year after, a little each month. The three choices use these numbers:
| Choice | New car | Used car |
|---|---|---|
| Holds value well | 10% first year, then 8% a year | 10% first year, then 8% a year |
| Typical | 20% first year, then 12% a year | 12% first year, then 12% a year |
| Drops fast | 28% first year, then 16% a year | 18% first year, then 16% a year |
These are round numbers we picked to show a range. They are assumptions, not figures for any make, model or year. If you have a better number for your car, for example what the same car one year older sells for, choose My own numbers and type it in.
Starting at the price you pay is the kind view. A dealer would likely offer you less than that the day after you buy, so the real gap can be bigger than the chart shows.
What this leaves out
- Sales tax is worked out on the full price. Many states tax only the price less your trade in, so your tax may be lower.
- Anything else added to the loan, such as gap coverage, a service contract or add ons. Ask the dealer for the amount financed in writing and check it against the one here.
- Insurance, fuel and repairs, which you pay on top of the loan.
- Paying extra each month, which shortens the time you are upside down.
The payment uses the standard loan formula, rounded to the cent. Each month’s interest is the balance times the APR over 12. The last payment is a few cents different so the loan ends at exactly zero.
Read more
Education, not financial or mechanical advice. Have any used car checked by a mechanic you trust before you buy.
Compare a rate before the dealer’s financing
Get preapproved by your bank or a credit union first. Then the dealer has a rate to beat.