In the mortgage example above, over 30 years, the $300,000 mortgage will cost nearly $600,000 total, which nearly doubles the original cost of the loan.
On average, the longer the loan term, the more you will pay in interest. While it may be tempting to only look at the monthly payment when searching for a loan, it’s important to calculate the total amount you are actually paying over the life of the loan.
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That is over $1,500 in savings by simply finding a better rate.ĭon’t Miss: How to Get Pre-Approved for an Auto Loan Let’s say you find an auto loan with a 4.0% interest rate, the total interest paid on a five-year loan would be $3,149.74. If you are able to shop around for a better car loan rate, you can save some money. In the example below, we’ll look at a five-year car loan for $30,000, with a fixed interest rate of 6.0%.Īfter 5 years, you will pay a total of $4,799.04 in interest on your car loan. When shopping for a car, you can use this calculator to determine how much interest you will pay on an auto loan. How Much Interest Will I Pay On My Car Loan? (Loan Interest Calculator Example That is over $60,000 of a difference in total interest, so it definitely pays to shop around for the best interest rate on your mortgage. If we compare that to a 4.0% interest rate, the total interest paid would be $215,608.52.
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In the example below, we’ll look at a 30-year mortgage for $300,000, with a fixed interest rate of 5.0%.Īssuming you pay off the mortgage over the full 30 years, you will pay a total of $279,767.35 in interest over the life of the loan. If you’re looking to buy a home, you can use this calculator to determine how much interest you will pay on your mortgage over time. How Much Interest Will I Pay On My Mortgage? (Loan Interest Calculator Example) Note: This calculator is designed for fixed-rate, simple interest loans only. To use the calculator, you will input these numbers into each section, select “CALCULATE,” and it will show your estimated monthly payment, as well as the total interest paid over the life of the loan. Our calculator uses years to calculate the total interest accrued over this timeline. This does not include any down payment you are making. This is the total amount you are borrowing. There are three main components when determining your total loan interest:
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