# Car payment calculator

> A car payment depends on the price, the down payment, the APR, and the term. A $32,000 car with 10% down finances $28,800. At an example 7.5% APR for 60 months, the payment is $577.09 and interest totals $5,825.58. A 15% down payment on a 72-month loan drops the payment to $470.29.

Source: https://www.calterix.com/en-us/simulator/auto-loan/car-payment/ · Updated 11/06/2026 · en-US

## Down payment percent and your payment

Many buyers think of a down payment as a share of the price, such as 10% or 20%. The calculator turns that percent into dollars, subtracts a trade-in if you have one, and finances the rest. A bigger share down means a smaller loan and less interest.

```
Down payment = price × percent
Amount financed = price − down payment − trade-in
Payment = amount × r ÷ (1 − (1 + r)^−months), with r = APR ÷ 12
```
Example: $32,000 with 10% down finances $28,800.

This page is the quick version. The main [auto loan calculator](https://www.calterix.com/en-us/simulator/auto-loan/) adds sales tax and fees, compares terms, and works backward from a monthly budget. The [motorcycle loan calculator](https://www.calterix.com/en-us/simulator/auto-loan/motorcycle-loan/) covers bikes.

## Payment per $1,000 financed

| Term | Payment per $1,000 | Interest per $1,000 |
| --- | --- | --- |
| 36 months | $31.11 | $119.82 |
| 48 months | $24.18 | $160.59 |
| 60 months | $20.04 | $202.28 |
| 72 months | $17.29 | $244.89 |

At an example 7.5% APR. Multiply by your amount financed ÷ 1,000.

A $28,800 loan over 60 months is 28.8 × $20.04 = $577.15, which matches the calculator to within rounding.

## Worked examples

| Price | Down | Term | Payment |
| --- | --- | --- | --- |
| $32,000 | 10% | 60 months | $577.09 |
| $32,000 | 15% | 72 months | $470.29 |
| $20,000 | 10% | 60 months, 4% APR | $331.50 |
| $32,000 with a $4,000 trade-in | 10% | 60 months | $496.94 |

APR is 7.5% unless noted. Rates are examples.

The same car can cost $577.09 or $470.29 a month depending on the down payment and term. The cheaper payment runs 12 months longer, so total interest is higher: check both numbers.

## Common mistakes

- Looking only at the monthly payment. Check total interest too.
- Leaving tax, title, and fees out of the price. They change the amount you borrow.
- Treating an example APR as your rate. Get a quote with your own credit.
- Skipping insurance and fuel in the monthly budget.

## Frequently asked questions

### How much is a car payment on a $32,000 car?

With 10% down, a 60-month loan at an example 7.5% APR costs $577.09 a month. With 15% down and 72 months, the payment is $470.29.

### How much should I put down on a car?

Many buyers aim for around 10% to 20% of the price, but the right amount depends on your savings. A larger down payment lowers the payment and the interest, so enter a few percentages and compare.

### How do I calculate a car payment with a trade-in?

Subtract the trade-in value and the down payment from the price, then run the loan formula on what is left. A $4,000 trade-in on a $32,000 car with 10% down brings the payment to $496.94.

### Is a 72-month car loan a bad idea?

It lowers the monthly payment but raises total interest, and you stay in debt longer. Compare the 72-month interest figure against a shorter term before you decide.

### What APR should I use in a car payment calculator?

Use the APR from a real quote. The 7.5% shown here is only an example, and your rate depends on credit, term, and lender.