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Knowing this, you can quickly figure out what your monthly payment will be using a variety of different loan periods (such as 24 months, 36 months, etc).
The following chart shows you what your monthly payment will be for every $1,000 financed.
If you need to finance $20,000, simply multiply the figures in the chart by 20 to get your monthly payment.
| Interest | 24 mo | 36 mo | 48 mo | 60 mo | 72 mo |
|---|---|---|---|---|---|
| 0% | $41.67 | $27.78 | $20.83 | $16.67 | $13.89 |
| 1% | $42.10 | $28.21 | $21.26 | $17.09 | $14.32 |
| 2% | $42.54 | $28.64 | $21.70 | $17.53 | $14.75 |
| 3% | $42.98 | $29.08 | $22.13 | $17.19 | $15.19 |
| 4% | $43.42 | $29.52 | $22.58 | $18.42 | $15.65 |
| 5% | $43.87 | $29.97 | $23.03 | $18.87 | $16.10 |
| 6% | $44.32 | $30.42 | $23.49 | $19.33 | $16.57 |
| 7% | $44.77 | $30.88 | $23.95 | $19.80 | $17.05 |
| 8% | $45.23 | $31.34 | $24.41 | $20.28 | $17.53 |
| 9% | $45.68 | $31.80 | $24.89 | $20.76 | $18.03 |
| 10% | $46.14 | $32.27 | $25.36 | $21.25 | $18.53 |
| 12% | $47.07 | $33.21 | $26.33 | $22.24 | $19.55 |
| 15% | $48.48 | $34.66 | $27.83 | $23.78 | $21.14 |
| 20% | $50.89 | $37.16 | $30.43 | $26.49 | $23.95 |
You can also use this chart to figure out the maximum amount you can finance based on the payment you can afford.
Let's assume you can afford a payment of $400 and you estimate that you will qualify for a 7% interest loan. To calculate the maximum amount you can finance, simply divide $400 by the figures in the 7% row.
If you were to get a 24 month loan, you would divide $400 by $44.77 which equals 8.9. Multiply that by 1,000 and you get your answer: $8,900 is the maximum amount you can finance.
If you extend the loan out to 60 months, the maximum amount you can finance will be $20,200. ($400 divided by $19.80) x 1,000.
This chart is a great way to quickly play around with numbers and get a good feel for what your monthly payments will be as well the maximum amount you can finance based on what you can afford.
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