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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$30,000 car loan: payment by APR and term
| APR | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo |
|---|---|---|---|---|---|
| 4% | $885.72 | $677.37 | $552.50 | $469.36 | $410.06 |
| 6% | $912.66 | $704.55 | $579.98 | $497.19 | $438.26 |
| 8% | $940.09 | $732.39 | $608.29 | $526.00 | $467.59 |
| 10% | $968.02 | $760.88 | $637.41 | $555.78 | $498.04 |
| 12% | $996.43 | $790.02 | $667.33 | $586.51 | $529.58 |
| 15% | $1,039.96 | $834.92 | $713.70 | $634.35 | $578.90 |
Worked example
At 8% for 60 months: $608.29 a month, $36,498 paid in total, of which $6,498 is interest. Stretching to 84 months drops the payment to $467.59 but raises interest to $9,277.
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 $30,000 car loan?
$608.29 a month for 60 months at 8% APR.
How much interest on a $30,000 car loan?
$6,498 over 60 months at 8%.