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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$40,000 car loan: payment by APR and term
| APR | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo |
|---|---|---|---|---|---|
| 4% | $1,180.96 | $903.16 | $736.66 | $625.81 | $546.75 |
| 6% | $1,216.88 | $939.40 | $773.31 | $662.92 | $584.34 |
| 8% | $1,253.45 | $976.52 | $811.06 | $701.33 | $623.45 |
| 10% | $1,290.69 | $1,014.50 | $849.88 | $741.03 | $664.05 |
| 12% | $1,328.57 | $1,053.35 | $889.78 | $782.01 | $706.11 |
| 15% | $1,386.61 | $1,113.23 | $951.60 | $845.80 | $771.87 |
Worked example
At 8% for 60 months: $811.06 a month, $48,663 paid in total, of which $8,663 is interest. Stretching to 84 months drops the payment to $623.45 but raises interest to $12,370.
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 $40,000 car loan?
$811.06 a month for 60 months at 8% APR.
How much interest on a $40,000 car loan?
$8,663 over 60 months at 8%.