How to Quickly Calculate Your Monthly Payments
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.
My Recommendation for Car Shoppers
TrueCar No-Haggle, CarsDirect, and Ryde Shopper are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.- Gregg Fidan

Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About The Author

Got a Question About This Article?