Estimate the monthly payment on a $30,000 auto loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$601.14
at 7.5% APR over 5 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $552.50 | $3,149.74 |
| 5% | $566.14 | $3,968.22 |
| 6% | $579.98 | $4,799.04 |
| 7% | $594.04 | $5,642.16 |
| 8% | $608.29 | $6,497.51 |
| 9% | $622.75 | $7,365.04 |
| 10% | $637.41 | $8,244.68 |
| 12% | $667.33 | $10,040.01 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $30,000 principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Each payment covers the interest accrued that month first, with the remainder reducing the principal — so early payments are mostly interest and later payments are mostly principal.
This is an educational estimate using the APR and term shown above. It assumes equal monthly principal-and-interest payments and does not include down payments, taxes, insurance, fees, escrow, late charges, or changes to your rate. The default rate is an example, not a current market quote—use your lender's disclosures to evaluate an actual offer.