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What they said · Car loans

“We can get your payment down.”

Same $55,000, same 6.97%. 84 months instead of 72. The payment drops by $108.

How much more interest does the longer loan cost?

$800
$0$5,000
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The real number

$2,203

It comes to $2,203.

Your guess—
The real figure$2,203

Twelve more payments of $829. The car is paid off a year later, and the interest goes from $12,457 to $14,660.

Why so much?

Why

Stretching the term lowers each payment and raises the total, because the balance stays high for longer.

First payment on the 84-month loan, $829
  • $319 interest
  • $510 pays for the car

The balance comes down more slowly, so every month's interest charge is a little bigger, for a year longer.

Owing more than it is worth

A seven-year loan on a car that loses value fast means owing more than the car is worth for years. See the “roll it in” story for where that leads.

Show me one move

One move

Lower the payment another way: a cheaper car, or more down.

84 months

$829a month
$14,660interest

72 months

$937a month
$12,457interest

$108 more a month buys $2,203 less interest and a car paid off a year sooner.

Assumes the same rate. Longer terms are usually priced higher, which widens the gap.

Try it with my numbers

Now yours

Your loan at either term.

$829.29 a month. Interest in all: $14,660. You pay back $69,660.

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The whole story, as text

“We can get your payment down.” What a longer term adds.

“We can get your payment down.” Same $55,000, same 6.97%. 84 months instead of 72. The payment drops by $108. How much more interest does the longer loan cost?

The answer

$2,203. Twelve more payments of $829. The car is paid off a year later, and the interest goes from $12,457 to $14,660.

Why

Stretching the term lowers each payment and raises the total, because the balance stays high for longer. $319 interest, $510 pays for the car. The balance comes down more slowly, so every month's interest charge is a little bigger, for a year longer. Owing more than it is worth: A seven-year loan on a car that loses value fast means owing more than the car is worth for years. See the “roll it in” story for where that leads.

One move

Lower the payment another way: a cheaper car, or more down. 84 months: $829 a month, $14,660 interest. 72 months: $937 a month, $12,457 interest. $108 more a month buys $2,203 less interest and a car paid off a year sooner. Assumes the same rate. Longer terms are usually priced higher, which widens the gap.

The payment is the number the desk talks about. The total is the number the desk does not.

Yours

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Written and reviewed by Riverbend Crossroads Digital LLC, Friday, October 2, 2026. Figures from the Show Real Cost engine, computed exactly and shown to the cent. Educational, not advice; your lender's disclosures are the authoritative figures. How we calculate · Corrections.