How much is the monthly payment on a $30,000 car loan?

What is the monthly payment amount on a $30,000 loan? I am taking out a loan because I want to buy a newer model of my current Lexus ES car. My loan amount is $30,000, my interest rate is 8%, and my loan period is 60-months. I want to know how much my monthly payment will be so I know how much money I should put aside every month to pay this loan.

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Phoebe Mah · Answered on Dec 19, 2021
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great to hear you are thinking ahead and budgeting your money. To calculate how much the monthly payment on a $30,000 car loan, apply this formula:
First, calculate the total interest you will pay throughout this loan.
  • Multiply your loan amount with your interest rate. Put the interest rate into a decimal. For example, 30,000 x 0.08 = 2,400.
  • Next, take the answer from the equation above and multiply it by the number of years your loan period is. The answer will be the total interest of your loan. For example, 2,400 x 5 = 12,000.
$12,000 is the total interest you will pay throughout your 60-month loan.
Now to calculate your monthly payment you will need to:
  • Add your total loan amount and total interest together. This is the overall amount you will pay over your loan with interest included. For example, 30,000+12,000 = 42,000
  • Take the overall total value and divide it by the number of months your loan term is. For example, 42,000/60 = 700.
With a loan amount of $30,000, an interest rate of 8%, and a loan repayment period of 60-months, your monthly payment is around $700.
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