Calculate Monthly Car Payment

Following on this page is a quick guide to help you calculate a monthly car payment based on financing your car for various lengths of time at various interest rates.

To use the monthly payment guide, simply take the number of thousands of dollars financed and multiply that by the cost per thousand financed.

For example: if you are going to finance (bottom line) $15,876 for 60 months @ 8.5%, go to the 60 month financing table and find 8.5%. Then multiply the number of thousands financed (in this case you will be financing 15.876 thousands) by the cost per $1,000 financed.

The formula would be:

15.876 x $20.52 = $325.78 per month.

The guide will be very useful for you to print out and take with you; both when you are doing your preliminary research and when you get into the dealer and into the nuts and bolts of the car deal.

Remember what we talked about when the salesperson tee’s up the deal for the dealership finance department, they will quote you a payment range. They will probably plead ignorance to what the going finance rate is telling you that it depends on several factors and that the finance manager will be happy to discuss interest rates with you.

All of this is to get you comfortable with that monthly payment range while keeping the interest rate (the finance charge!) as murky as they can.

This guide will let you know within a few pennies what the interest rate to monthly payment will be.

A good idea would be print these tables out and take them with you as you do your car shopping. During the heat of the negotiations and with all the different figures that will be thrown at you, these handy tables will help keep your head straight.

Monthly Car Payment

24 Month Financing

36 Month Financing

Interest Rate Cost Per $1000 Financed Interest Rate Cost Per $1000 Financed 5.00% $43.87 5.00% $29.97 6.00% $44.32 6.00% $30.42 6.50% $44.55 6.50% $30.65 6.75% $44.66 6.75% $30.76 7.00% $44.77 7.00% $30.88 7.25% $44.89 7.25% $30.99 7.50% $45.00 7.50% $31.11 8.00% $45.23 8.00% $31.34 8.50% $45.46 8.50% $31.57 9.00% $45.69 9.00% $31.80 9.50% $45.91 9.50% $32.03 10.00% $46.15 10.00% $32.27 10.50% $46.38 10.50% $32.50 11.00% $46.61 11.00% $32.74 11.50% $46.84 11.50% $32.98 12.00% $47.07 12.00% $33.21

48Month Financing

60 Month Financing

Interest Rate	Cost Per $1000 Financed	Interest Rate	Cost Per $1000 Financed
5.00%	$23.03	5.00%	$18.87
6.00%	$23.49	6.00%	$19.33
6.50%	$23.72	6.50%	$19.57
6.75%	$23.83	6.75%	$19.68
7.00%	$23.95	7.00%	$19.80
7.25%	$24.06	7.25%	$19.92
7.50%	$24.18	7.50%	$20.04
8.00%	$24.41	8.00%	$20.28
8.50%	$24.65	8.50%	$20.52
9.00%	$24.89	9.00%	$20.76
9.50%	$25.12	9.50%	$21.00
10.00%	$25.36	10.00%	$21.25
10.50%	$25.60	10.50%	$21.49
11.00%	$25.85	11.00%	$21.74
11.50%	$26.09	11.50%	$21.99
12.00%	$26.33	12.00%	$22.24