How do I figure out how much interest I'm paying on a 48-month car loan?

I'm going to get a 48-month car loan, but I want to know how much interest I'm paying. How do I figure this out?

Answer
Unless you were a math whiz when you were younger, figuring out how much interest you’re paying on your car loan might be a bit taxing.
So for the sake of ease, don’t do the math. Let someone or something else do it instead. The best way to figure out how much interest you’re paying is to go online and use an auto loan calculator. Simply input your interest rate, term, and principal, and voila. You’re done.
Alternatively, you could ask your lender for an amortization schedule. This gives you the dollar amount that goes toward interest and principal each month. If you want to calculate your interest the old-fashioned way, find out how to do it here.
If you want to save money to put toward the principal of your car, sneak a glance at your car insurance policy and compare it to quotes you get with Jerry. Sign up in just minutes to get rates from up to 50 insurers so you never pay too much for car insurance.
Eric Schad
Answered on Nov 02, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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