ECONOMY STUDIOCar loan calculator
Your monthly car payment and total interest, and how the loan length changes both. Starts at the Fed's average 60-month new-car rate: 7.54%.
- Amount financed
- $30,000
- Total interest
- $6,103
- Sales tax
- $0
- Total cost, with down payment
- $41,103
Financing $30,000 over 60 months at 7.54% costs $601.71 a month and $6,103 in interest.
An 84-month loan lowers the payment to $461 but costs $8,702 in interest; a 36-month loan costs $934 a month and $3,615 in interest.
Compare loan lengths
| Loan length | Rate | Monthly payment | Total interest |
|---|---|---|---|
| 36 months | 7.54% | $933.74 | $3,615 |
| 48 months | 7.47%* | $724.95 | $4,797 |
| 60 months | 7.54% | $601.71 | $6,103 |
| 72 months | 7.17%* | $513.92 | $7,002 |
| 84 months | 7.54% | $460.74 | $8,702 |
How it works
The calculator works out the amount you borrow (price + tax + fees − down payment − trade-in) and the fixed monthly payment at your rate. The comparison uses the Federal Reserve's average rate for each loan length where one exists, so you can see what a longer loan really costs.
Questions
What is the average car loan rate?
At commercial banks, new-car loans averaged 7.47% for 48 months, 7.54% for 60 months and 7.17% for 72 months in August 2026 (Federal Reserve). Rates depend on your credit score, the lender and whether the car is new or used.
Is a longer car loan cheaper?
Per month, yes; overall, no. A longer loan spreads the price over more payments, but you pay interest for longer. The table shows both for the same car.
Is sales tax included?
Only if you enter it. Most states tax the price minus your trade-in value, which is how the calculator applies it; check your state's rules.
What does "amount financed" mean?
The price plus tax and any fees you roll into the loan, minus your down payment and trade-in. It's the amount you borrow.
Sources
- Federal Reserve, Consumer Credit (G.19)
- 48-month new car loan rate (FRED TERMCBAUTO48NS)
- 60-month new car loan rate (FRED RIFLPBCIANM60NM)
- 72-month new car loan rate (FRED RIFLPBCIANM72NM)
Educational tool, not financial advice. Results are estimates from the numbers you enter; lenders and banks calculate in their own ways. Default rates update automatically from official data.