84 month auto loan calculator
This 84 month auto loan calculator shows what a 7 years car loan costs per month and in total interest.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,362.16 | $1,944.48 | $25,937.84 |
| 2 | $3,605.20 | $1,701.44 | $22,332.64 |
| 3 | $3,865.83 | $1,440.81 | $18,466.81 |
| 4 | $4,145.29 | $1,161.35 | $14,321.52 |
| 5 | $4,444.94 | $861.70 | $9,876.58 |
| 6 | $4,766.30 | $540.34 | $5,110.28 |
| 7 | $5,110.28 | $195.80 | $0.00 |
An 84-month car loan
A seven-year loan has the lowest payment and the highest interest of the common terms. You may owe more than the car is worth for much of the loan, and the car can need major repairs before you finish paying for it. Use it only if the budget demands it.
84 months versus 60 months on $29,300
On $29,300 at 7%, 84 months costs $442.22 a month and $7,846 in interest. Compared with 60 months ($580.18 a month, $5,510 interest), the payment is $137.96 lower and the interest $2,335 higher.
$29,300 financed: payment by loan length
At 7% APR, financing $29,300 (the $30,000 price plus 6% sales tax and $500 in fees minus $3,000 down) costs $580.18 a month over 60 months and $442.22 over 84 months. The longer loan lowers the payment by $137.96 but adds $2,335 in interest. Going the other way, 36 months raises the payment to $904.70 and cuts total interest to $3,269.
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 3-year | $904.70 | $3,269 | $32,569 |
| 4-year | $701.62 | $4,378 | $33,678 |
| 5-year | $580.18 | $5,510 | $34,810 |
| 6-year | $499.54 | $6,667 | $35,967 |
| 7-year | $442.22 | $7,846 | $37,146 |
How the interest rate changes a 7-year loan
On the same $29,300 over 7 years, each full percentage point of APR moves the payment by about $14.46 and total interest by about $1,215.
| APR | Monthly payment | Total interest | Difference vs 7% |
|---|---|---|---|
| 5% | $414.12 | $5,486 | −$2,359 |
| 6% | $428.03 | $6,655 | −$1,191 |
| 7% | $442.22 | $7,846 | +$0 |
| 8% | $456.68 | $9,061 | +$1,215 |
| 9% | $471.41 | $10,298 | +$2,453 |
What a bigger down payment does
Putting $6,000 (20%) down on this $30,000 car lowers the loan from $32,300 to $26,300.
| Down payment | Amount financed | Monthly payment | Total interest |
|---|---|---|---|
| $0 | $32,300 | $487.49 | $8,650 |
| $3,000 (10%) | $29,300 | $442.22 | $7,846 |
| $6,000 (20%) | $26,300 | $396.94 | $7,043 |
Payment per $10,000 over 7 years
A quick rule of thumb: divide the amount you finance by 10,000 and multiply by the figure below to estimate your payment over 7 years.
| APR | Payment per $10,000 | Interest per $10,000 |
|---|---|---|
| 5% | $141.34 | $1,872 |
| 7% | $150.93 | $2,678 |
| 9% | $160.89 | $3,515 |
| 12% | $176.53 | $4,828 |
Paying extra
Adding $100 a month to this loan would pay it off 18 months sooner and save $1,847 in interest, as long as your lender applies extra money to principal and charges no prepayment penalty. Ask before you start.
Can you afford a $30,000 car?
A common rule of thumb, the 20/4/10 guideline, suggests 20% down, a term of at most 4 years and total car costs under 10% of gross income. On payment alone, $442.22 a month points to a gross income of roughly $53,100 a year to stay at 10%, before insurance, fuel and maintenance. Here the down payment is 10% rather than 20% and the term of 84 months is longer than 48, which means a smaller monthly payment in exchange for more interest and a longer period of debt.
Will you owe more than the car is worth?
New cars commonly lose around 20% of their value in the first year and roughly 15% a year after that, though this varies by model. Using that rough rule on a $30,000 car, you would likely owe more than the car is worth until about year 4. Gap insurance can cover the difference if the car is totaled while you are underwater.
| End of | Loan balance | Est. car value | Equity |
|---|---|---|---|
| Year 1 | $25,938 | $24,000 | −$1,938 |
| Year 2 | $22,333 | $20,400 | −$1,933 |
| Year 3 | $18,467 | $17,400 | −$1,067 |
| Year 4 | $14,322 | $14,700 | +$378 |
| Year 5 | $9,877 | $12,600 | +$2,723 |
Frequently asked questions
How much is the monthly payment on a $30,000 car?
At 7% over 7 years, financing $29,300 costs about $442.22 a month with $7,846 in total interest. Change the inputs above to match your own quote.
Is a longer loan a good idea on $29,300?
Stretching to 84 months would lower the payment to $442.22 but cost $7,846 in interest, against $701.62 and $4,378 at 48 months. That is $3,468 more for the longer term.
Should I include sales tax and fees in the loan?
Here tax and fees add $2,300 to the loan. Financing them costs about $616 in extra interest, so paying them in cash saves that amount.
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Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.