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How do you calculate the interest paid on a car loan?
Is there a way to calculate the total interest that I will pay on my car loan without doing a bunch of math? I’m trying to decide if I should refinance and I found an equation for it but it’s super confusing and I would rather just type some numbers into a calculator.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you don’t want to
calculate the total interest
paid on your car loan by hand, you can use Microsoft Excel! Just type in the following formula:=CUMIPMT(yearly interest rate/12, duration of the loan in months, the loan amount before fees and interest, 1, the total number of payments you will make, 1)
Then, press the enter button to see the total interest that you will pay on the loan. If you are unsure about any of the values in the equation, you can talk to your lender to learn more about your loan agreement.
If you do decide to find a new loan, why not refinance with the
Jerry
app? Just download the app to compare quotes from multiple lenders without the hassle of researching and sending documents to potential lenders. Jerry’s app instantly connects you with top companies to help you find a loan that best meets your needs.MORE: Does refinancing a car hurt your credit score?
View full answer
- Gregory R.
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