# $20,000 Car Loan at 7% for 60 Months — Auto Loan Calculator

> Monthly car payment on a $20,000 vehicle at 7% over 60 months with $2,000 down, plus total interest.

- **Answer:** ~$356/mo
- **Category:** Finance & Money
- **Interactive calculator:** https://youcalc.com/en/finance-money/auto-loan/20000-car-7pct-60mo/
- **Price:** Free, no sign-up required
- **Full calculator:** [Auto Loan Calculator](https://youcalc.com/en/finance-money/auto-loan/)
- **Pre-filled inputs:** `pr=20000&dp=2000&r=7&tm=60`

| Metric | Value |
| --- | --- |
| Monthly payment | $356 |
| Amount financed | $18,000 |
| Total interest | $3,385 |
| Total loan cost | $21,385 |


## Overview

An affordable $20,000 car with $2,000 down at 7% over 60 months costs about $356 a month — a comfortable payment for many budgets and a common figure for a reliable used or entry-level new car. The $18,000 financed accrues roughly $3,385 in interest over five years, for a loan cost near $21,385. It is a useful baseline for comparing against pricier options.

## Method

The calculator first derives the taxable base by subtracting the trade-in from the vehicle price (floored at zero), multiplies that by the sales-tax rate to get the sales-tax amount, then computes the out-the-door price as vehicle price plus sales tax plus fees. The amount financed is the out-the-door price minus the down payment and minus the trade-in, again floored at zero. The monthly payment uses the standard level-payment amortization formula M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the amount financed, r is the monthly rate (APR divided by 12), and n is the term in months; at r = 0 the formula degenerates and the calculator falls back to M = P / n. Both the payment formula and the per-month amortization schedule are provided by the shared levelPayment and amortize functions. Total interest is summed from the interest column of the schedule; total loan cost is the amount financed plus total interest. Sources: Bankrate auto loan calculator methodology, Edmunds simplified pricing model, and Investopedia amortization definition.

## Related calculators

- [Loan Calculator](https://youcalc.com/en/finance-money/loan/)
- [Mortgage Calculator](https://youcalc.com/en/finance-money/mortgage/)
- [Debt Payoff Calculator](https://youcalc.com/en/finance-money/debt-payoff/)
- [Fuel Cost Calculator](https://youcalc.com/en/lifestyle-everyday/fuel-cost/)
- [Compound Interest Calculator](https://youcalc.com/en/finance-money/compound-interest/)

## Sources

- https://www.bankrate.com/loans/auto-loans/auto-loan-calculator/
- https://www.edmunds.com/calculators/simplified-pricing.html
- https://www.investopedia.com/terms/a/amortization.asp

---

Interactive version: https://youcalc.com/en/finance-money/auto-loan/20000-car-7pct-60mo/ · From YouCalc — https://youcalc.com