How Much Interest Will I Pay On My Car Loan After 5 years you will pay a total of 4 799 04 in interest on your car loan If you are able to shop around for a better car loan rate you can save some money Let s say you find an auto loan with a 4 0 interest rate the total interest paid on a five year loan would be 3 149 74
If you increase your monthly payments by 180 to a new monthly payment of 830 you can pay off your car loan in 26 months and a savings of 406 78 in interest payments Original vs Early Auto Loan Payoff Subtract that interest from your fixed monthly payment to see how much of the principal amount you will pay in the first month For the following month repeat the process with your new loan balance
How Much Interest Will I Pay On My Car Loan
How Much Interest Will I Pay On My Car Loan
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The remainder of the monthly payment is paid as interest Along with your monthly payment this calculator totals all payments paid over the life of the loan and total interest paid on your auto loan You can see that if you add your principal loan amount and the total interest paid you will get the sum total of all car payments you made to pay Personal finance advisers suggest limiting your monthly car budget to less than 20 of your take home pay Your car budget includes car payments auto insurance gas maintenance and repairs
An example of the difference a loan s term can make If you take out a 40 000 new car loan with an 84 month term at 9 APR you would pay about 623 monthly and 12 369 in total interest over The best way to understand how interest is calculated on a loan is to introduce it with a real life example Let s assume you are considering obtaining a loan for a car purchase so you decide to turn to a bank that offers you a personal loan of 10 000 dollars with 6 interest repaid monthly in 10 years with the same compounding frequency
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For this field of the auto loan calculator enter the term of your loan Most car loans are for 60 months or five years However shorter and longer loans exist With shorter loans you ll frequently have lower interest rates and you ll pay less in interest overall However your monthly payments will be higher Step 3 To calculate the total interest on the car loan deduct your principal figure from the total repayment figure 17399 52 15000 2399 52 How much interest will I pay on my car loan Our car finance calculator works out the interest that you might pay as part of your car finance plan It does this by taking your interest rate
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