60-month vs 72-month car loan
$82.53/month difference in monthly payment
$1,210 difference in total interest
60 months: $596.02 a month. 72 months: $513.49 a month.
Source: Federal Reserve G.19 average bank rates (May 2026): 48-month 7.47%, 60-month 7.14%; terms over 60 months use the 60-month rate. An average, not an offer.
Side by side
| 60 months | 72 months | |
|---|---|---|
| Amount borrowed | $30,000 | $30,000 |
| Rate | 7.14% | 7.14% |
| Monthly payment | $596.02 | $513.49 |
| Paid off in | 5 years | 6 years |
| Total interest | $5,761 | $6,971 |
Questions
Which has the lower monthly payment?
72 months, by $82.53 a month ($596.02 vs $513.49).
Which costs less overall?
60 months saves $1,210 in interest ($5,761 vs $6,971).
What rates are these figures based on?
Federal Reserve G.19 average bank rates (May 2026): 48-month 7.47%, 60-month 7.14%; terms over 60 months use the 60-month rate.
Can I compare a different amount?
Yes: change the amount above and press Compare. The page recalculates with the same rates.
Sources
- New-car loan, 60 months average: 7.14%. Federal Reserve G.19 Consumer Credit, terms of credit at commercial banks, series RIFLPBCIANM60NM, as of May 1, 2026; retrieved September 26, 2026.
Numbers on this page last changed September 26, 2026. How they are calculated: methodology.