Saturday, July 31, 2010

Loan Calculator

Loan Calculator

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

Payment Information:
  Your monthly payment will be :
  Your total amount financed will be :
  Your total interest payments will be :

How Different Interest Rates & Amounts Work

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 12% to show you what you could be paying with a better credit score.
48 Months (4 Years) At 20% At 12%
Monthly Payment $304.30 $263.34
Total Amount Financed $14,606.57 $12,640.24
Total Interest Paid $4,606.57 $2,640.24
These figures primarily demonstrate the difference in payments due to lower payments after completing our program. The difference is very significant! At 12% your monthly payment would be $41.30 less and you would pay $1,718.20 less in interest!

60 Months (5 Years) At 20% At 12%
Monthly Payment $264.94 $244.13
Total Amount Financed $15,896.33 $13,346.67
Total Interest Paid $5,896.33 $3,346.67

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 12% you would pay an additional $704.43 in interest by adding 12 months.

72 Months (6 Years) At 20% At 12%
Monthly Payment $239.53 $195.50
Total Amount Financed $17,246.03 $14076.14
Total Interest Paid $7,246.03 $4076.14

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 12% you would pay an additional $1,435.90 in interest by adding 24 months.
Posted by Auto Loan Finders Jan 15, 2010 Last Updated: Jun 07, 2010

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