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How much interest will I pay on my car loan?

I always like to know how much money I'm paying in interest each month on every loan I have. How do I figure this on my car loan?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to figure out how much interest you will pay on your car loan, you can do it manually or
figure it by plugging numbers into an interest rate formula
.
The easiest way to calculate your
car loan
 interest rate is to use an auto loan calculator online. Fill in the blanks for principal, interest rate, and term, and you’re done.
If you want a more thorough breakdown, find an online calculator that has an amortization schedule or ask for one from your lender. This document outlines how much money from each monthly payment goes toward principal and interest, while also showing your break-even point on the loan.
While you’re rightfully concerned about how much interest you pay, don’t forget you can also save money on car insurance. Sign up with insurance broker
Jerry
 to compare quotes from up to 50 insurers in just minutes.
More: What is APR and how is it calculated?
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