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$15,000 Auto Loan Payment Over 3 Years

A 3-year car loan of $15,000 means 36 equal payments. Start with a rate of 6 percent and adjust it as you like.

That makes $456.33 a month at the start. The interest over the whole loan comes to $1,428.

$
%
years
$
Monthly payment
$456.33
Total interest
$1,428
Total paid
$16,428
Year by year
YearPrincipal paidInterest paidBalance left
1$4,704$772$10,296
2$4,994$482$5,302
3$5,302$174$0
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How the payment is worked out

Lenders use the standard loan formula. The yearly rate of 6 percent becomes a monthly rate of 0.5 percent. The term of 3 years becomes 36 payments. The payment is the loan of $15,000 times the monthly rate, divided by one minus one over the growth factor, where the growth factor is one plus the monthly rate, multiplied by itself 36 times.

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Worked example

Work it through with $15,000, 6 percent and 3 years. Each payment is $456.33. The first one sends $75.00 to interest and the remaining $381.33 to principal.

Over the whole loan you pay $16,428. About 10 cents of each borrowed dollar goes to interest.

Questions about this calculator

Should you put more down on a $15,000 car loan over 3 years?

A bigger down payment means borrowing less. On this $15,000 loan, putting down $1,500 more would lower the payment by about $45.63 and the interest by about $143. Sales tax, fees and insurance are not included.

What if the rate on a $15,000 car loan over 3 years were one point higher?

The payment would rise from $456.33 to $463.16, which is $6.83 more each month. One point lower would give $449.56.

Would paying $50 extra each month shorten a $15,000 car loan over 3 years?

Yes. On this $15,000 loan an extra $50 each month ends the loan 3 months sooner and saves $153 of interest.

Is 3 years the right length for a $15,000 car loan?

It depends on the monthly payment you can carry. At 6 percent this term costs $456.33 a month. A 5-year term would cost $289.99 a month and $2,400 in interest, compared with $1,428 over 3 years.

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This page is for education only and is not financial or tax advice.