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When you obtain a monthly payment, be it from a price quote, negotiation or advertised special, make sure you are aware of all the numbers behind it. You might be able to pay a lower price than the sticker or asking price. It also will show you a schedule of payments. Furthermore, these figures will differ for those who lease, so take a look at our articles for information specific to that scenario. 1.Settle on the price of the vehicle that youre buying with the dealership or seller. Once you provide the loan amount, interest rate and term, the loan calculator will estimate your monthly payment and total interest. Keep in mind that everyone's situation will be different, so these recommendations are not set in stone. The loan term should ideally be less than 72 months, and you should aim for a down payment of at least 10% or consider GAP insurance. Your loan payment should be no more than 15% of your take-home pay. The general rule for each of these is as follows: It is also important to be aware of how much the loan will total, how much of a down payment you're making, and how long the loan will be. Our monthly car payment calculator reveals multiple payment. The calculator will estimate your monthly payment to help you determine how much. And though this figure is the easiest to understand, it isn't the only number to be aware of. Try our auto loan calculator to determine what your monthly payments are when financing a car. Simply enter the amount you wish to borrow, the length of your intended loan, vehicle type and interest rate. It can give you a reality check on whether you can afford the vehicle. Calculate your principal payment: Subtract the interest payment from the total monthly payment. For example, the first interest payment on the schedule above would be 37.50 (10,000x0.0037537.50). The monthly payment is the best indicator of how the car loan will impact your budget. Calculate your interest payment: Multiply the monthly interest rate by the remaining balance to see how much of your payment goes toward interest.