Where do these numbers come from?
- Standard formulasAmortization M = P·r(1+r)^n / ((1+r)^n − 1) and monthly compoundingreviewed Oct 23, 2026
- Freddie MacPMMS mortgage-rate benchmarkweek of Oct 22, 2026
Checked Oct 23, 2026. $320,000 at 6.5% over 360 months: this calculator gives $2,022.62 a month and =PMT(6.5%/12; 360; -320000) in LibreOffice Calc (same PMT as Excel and Google Sheets) returns 2,022.62.
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$20,000 car loan: payment by APR and term
| APR | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo |
|---|---|---|---|---|---|
| 4% | $590.48 | $451.58 | $368.33 | $312.90 | $273.38 |
| 6% | $608.44 | $469.70 | $386.66 | $331.46 | $292.17 |
| 8% | $626.73 | $488.26 | $405.53 | $350.66 | $311.72 |
| 10% | $645.34 | $507.25 | $424.94 | $370.52 | $332.02 |
| 12% | $664.29 | $526.68 | $444.89 | $391.00 | $353.05 |
| 15% | $693.31 | $556.61 | $475.80 | $422.90 | $385.94 |
Worked example
At 8% for 60 months: $405.53 a month, $24,332 paid in total, of which $4,332 is interest. Stretching to 84 months drops the payment to $311.72 but raises interest to $6,185.
Rates in the tables are a range for comparison, not current market quotes. Payments are principal and interest only unless stated.
Frequently asked questions
What is the payment on a $20,000 car loan?
$405.53 a month for 60 months at 8% APR.
How much interest on a $20,000 car loan?
$4,332 over 60 months at 8%.