PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How do you calculate the finance charge on a car loan?
What’s the best way to calculate the total finance charge on my car loan? I want to figure out exactly how much I’ll be paying for my loan so that I can budget accordingly.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
(Monthly payment amount * Total number of payments) - Amount borrowed
This should give you an idea of how much you’ll be paying in interest and fees throughout the loan. If you don’t know the monthly payment amount, don’t worry! You can calculate it in Excel or Google Sheets by typing in this formula:
=PMT(interest rate as a decimal/12, number of months in loan term, total loan amount including fees)
When you plug in the values specific to your loan, this equation should give you your monthly payment amount as a negative number. Then, you can use that number to calculate the total finance charge.
While you’re looking for ways to budget your car loan, why not shop for better insurance rates, too? It’s easy when you use the
Jerry
app! Just download the app and answer some quick questions to see your policy options in a comprehensive list. When you find a quote you like, Jerry can help you cancel your old policy and sign up.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
