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How can I figure out the total interest on my car loan?
I recently took out a car loan. I’ve made my first few payments, but I’ve noticed a good bit of my money is going toward interest. I’m curious about how much interest I will have paid by the time my loan is paid off. What’s the easiest way to calculate interest on a car loan?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Generally, there are two ways to figure out the total interest on a
car loan
: using an online loan calculator or doing some old-fashioned math.Whichever route you choose, you will need the following information:
- Your principal loan amount (represented by P in the formula below)
- The overall length of your loan (represented by t)
To use an online loan calculator, you’ll just plug in these values and click calculate. You can find calculators on websites like Carvana and Edmunds. Bonus: they’re free to use!
If you’re doing the math yourself, the formula will look like: A = P(1 + rt). You’ll take the principal loan amount times the result of one plus your interest rate times your loan length.
Confused? Me too! That’s why I’d opt for the online calculator all day.
What shouldn’t be confusing is car insurance. To avoid overpaying and find the best car insurance at the best price, download
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MORE: Does refinancing a car hurt your credit score?
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