A $25,000 car loan at 6% interest for 60 months (5 years) has a monthly payment of $483. Over the life of the loan, you will pay $3,999 in total interest, making the total cost $28,999.

Key Numbers

• •Monthly payment: $483
• •Total interest over 60 months: $3,999
• •Total cost of the loan: $28,999
• •A 72-month loan lowers the payment to $414 but adds $832 in interest