Thursday, March 11, 2010

Loan Calculator

You can input these numbers directly in to the calculator.

To illustrate how the duration of your loan affects different aspects of how much you pay when:

We'll use the example of $10,000 financed at 20% interest over 48, 60 and 72 months.
We will also show you the same loan financed at 8% to show you what you could be paying with a better credit score.

48 Months (4 Years)	At 20%	At 8%
Monthly Payment	$304.30	$244.13
Total Amount Financed	$14,606.57	$11,718.20
Total Interest Paid	$4,606.57	$1,718.20
These figures primarily demonstrate the difference in payments due to lower payments after completing our program. The difference is very significant! At 8% your monthly payment would be $60.17 less and you would pay $2,888.37 less in interest!

60 Months (5 Years)	At 20%	At 8%
Monthly Payment	$264.94	$202.76
Total Amount Financed	$15,896.33	$12,165.84
Total Interest Paid	$5,896.33	$2,165.84
By adding another year (12 months) to the duration of your loan, your monthly paymens will be slightly lower but you will pay an additional $1,262.76 in interest at 20%. At 8% you would pay an additional $447.64 in interest by adding 12 months.

72 Months (6 Years)	At 20%	At 8%
Monthly Payment	$239.53	$175.33
Total Amount Financed	$17,246.03	$12,623.93
Total Interest Paid	$7,246.03	$2,623.93
By adding two years (24 months) on top of the original 48, your montly payment will drop significantly however you will end up paying an additional $2,639.46 in interest. At 8% you would pay an additional $905.73 in interest by adding 24 months.

Posted by Auto Loan Finders Jan 15, 2010 Last Updated: Feb 19, 2010

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Finance Information
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	Annual percentage rate of interest :
	Repayment period in months:

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