![]() You can use the car loan calculator to determine how much interest you owe, or you can do it yourself if you're up for a little math. As you pay down the balance over time, the interest portion of the monthly payments gets smaller. ![]() So, in the early days of the loan, when the balance is higher, you pay more interest. The interest you pay each month is based on the loan's then-current balance. With most car loans, part of each payment goes toward the principal (the amount you borrow), and part goes toward interest. If the calculator offers an amortization schedule, you can see how much interest you'll pay each month. How Is Interest Calculated on a Car Loan?Īn auto loan interest calculator shows the total amount of interest you'll pay over the life of a loan. Cash Back Calculator at the auto loan calculator before you head to the car lot so you'll be ready to find a car that fits your budget and negotiate the best deal. Information and interactive calculators are provided by as an unaffiliated third-party service provider to Columbia Credit Union and made. You can save (or print out) two different versions of the spreadsheet in order to make comparisons.Ĭheck out the Low APR vs. Bankrate’s auto refinance calculator can help you determine how much you could save on interest, monthly payments or both. Enter your original loan balance, annual percentage rate, term, and number of payments, and see the monthly payment estimates and payoff date. Use the auto loan refinance calculator to find potential savings. Adding a bit more to your payments each month can help you pay off your car loan sooner and, ultimately, save you money. The auto loan calculators in our spreadsheet let you specify a cash rebate and the annual interest rate. Calculate how much you can save by paying off your car early and how much interest you’ll pay by extending your loan. The price of your vehicle, down payment you make, length of the loan, and interest rate are all factors that determine how much youll pay for your car. Sometimes, the auto manufacturer offers incentives in the form of a cash rebate or lower interest rate, but usually not both at the same time. However, there are a few online calculators that you could use: Our auto loan calculator spreadsheet does not contain a calculator for comparing leasing vs. We don't provide technical support for creating custom spreadsheets, but if you have some suggestions or comments, please let us know. This calculator uses your original loan amount, length of the loan and interest rate to calculate your current monthly payments. However, make sure you know how the equations and formulas work before you try to branch out on your own. Free auto loan calculator to determine the monthly payment and total cost of an auto loan, while accounting for sales tax, fees, trade-in value, and more. The spreadsheet has been left unlocked, to give you complete freedom to modify it as needed for your personal use. The price of your vehicle, down payment you make, length of the loan, and interest rate are all factors that determine. In the Payment Calculator, you can also enter values in the yellow cells (the Extra Payments column). Basically, you just enter values in the white-background cells, and see what happens to the other numbers. If the interest rate were higher, and the borrower chooses a term that is longer than 5. This is based on a modest interest rate of 5. Interest Payments: 3,968.22 Total Payments: 33,968.22 As we can see from the above calculation, the interest payment is about 13 of the loan amount. Information about how to use the loan calculators are contained within the spreadsheet itself, mostly as cell comments. This makes the total cost of the car loan to be 33,968.22.
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