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How do you figure out your monthly payments on a car loan?
Is there an easy way to figure out what the monthly payments will be on my car loan? I just want to be prepared and make sure that I budget properly.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great that you want to prepare to pay your loan on time! To figure out the monthly payments on your car loan, use the following equation:
Monthly payment = (principal loan amount + total amount in interest) / loan term in months
If you don’t know the total interest, don’t worry! You can
calculate the total interest
by multiplying the interest rate by the loan principal, then multiplying the resulting number by the total years in the loan term. The resulting number should approximate your total interest, which you can use to calculate your monthly payment amount.As you’re budgeting for a car loan, remember to budget for car insurance. You can find the best deals for car insurance using the number-one-rated car insurance app,
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