Is there a calculator to show how much interest will I pay on my car loan?

Is there a way to know how much interest I’ll pay on my car loan, or is there a calculator that I can use? I want to know how much my loan will cost me so that I know if I should refinance it or not.

Answer
There are calculators available online to tell you how much interest you’ll pay on a car loan, but you can also calculate the value yourself using Microsoft Excel or Google Sheets! Just type this formula into a blank cell: =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)
When you plug in the values specific to your loan and hit enter, the resulting value should be the amount of interest that you’ll pay throughout your loan.
If you do decide to refinance, why not use the Jerry app? Just download the app to compare quotes from multiple lenders without the hassle of researching multiple lenders on your own. Jerry’s app instantly connects you with top companies to help you find a loan that best meets your needs. On average, car owners pay $85 less every month by refinancing their auto loan.
Liz Jenson
Answered on Jan 12, 2022
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