CalcuNation

Total Cost Loan Calculator

Calculate the total cost over the life of a car loan with this
Total Cost Loan Calculator.

Principal Loan Amount:
Yearly Interest Rate: %
Total Months of the Loan:
A 5 year loan has 60 months, a 6 year loan has 72 months.

How do you find the total cost of an auto loan?

Note: This calculator only shows the total accrued loan cost for the
principal and interest. This does not include other additional costs
associated with insurance or taxes.

How do you find the total loan cost?

To calculate the total loan cost of a vehicle loan use this formula:

Loan Total Cost Formula

r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12

P = Principal Amount on the Loan

N = Total # of Months for the loan ( Years on the loan x 12)

Example: The total cost for 5 year loan, with a principal of $25,000,
and a yearly interest rate of 6.5%:

r = (6.5 / 100) / 12 = .005416667

P = 25,000

N = (30 x 12) = 60

Loan Cost Equation

The total cost for the life of the loan is $29,349.22

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