How can I calculate my car payment?
To calculate your monthly car loan payment by hand, divide the total loan and interest amount by the loan term (the number of months you have to repay the loan). For example, the total interest on a $30,000, 60-month loan at 4% would be $3,150.
How much is a $20000 car payment over 5 years?
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43.
Is $300 a lot for a car payment?
When browsing your options, keep in mind that financial experts will typically tell you to spend less than 10% of your monthly take-home pay on your car payment. That means if your take-home pay is $3,000 a month, plan to spend no more than $300 on your car payment.
How much a month would a $30000 car be?
The monthly car payments on a $30K car loan range from $479.21 to $830.59. Payments vary based on your credit score, and the sales tax rate of your state, and whether you are financing a new or a used car.