How much interest did I pay on my car loan?

I finally finished paying off my car loan, and it feels incredible. However, I’m curious, how much interest did I pay on my car loan?

Answer
Congratulations! Paying off a car loan is a big deal, and it’s only natural to be curious how much it actually cost you in the long run.
If you want to determine how much interest you paid on your car loan, the easiest way is to use an online loan interest calculator. However, if you want to crunch the numbers yourself, you can use the below formula.
A = P x (r(1+r)n)/((1+r)n - 1)
In this formula:
  • A = the monthly payment
  • P = the principal balance
  • r = the interest rate per month
  • n = the loan term length in months
Also, now that your car is no longer financed, don’t forget to review your car insurance policy and let your insurer know. While reviewing your policy, you should also compare quotes from multiple companies to ensure you aren’t overpaying.
If you’d rather leave the hard work of gathering quotes to someone else, use Jerry. The Jerry app can collect quotes from 50+ top insurance companies, like Travelers, Nationwide, and Progressive, in seconds! They even help cancel your old policy once you’ve made your pick.
Jack Walsh
Answered on Nov 18, 2021
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