please help me figure out how much im going to pay if I dont pay off my loan.

Hello Taco people

I have took out a loan with toyota finical and I hate this website. I have taken out 20,986.21 loan with an APR of 4.75%. Can someone show me a formula to calculate how much I would be paying until my loan runs out VS paying it off. Thank you,

Ray

 

http://www.thecalculatorsite.com/finance/calculators/loancalculator.php

 

Thanks !

 

This isn't the info you are looking for, but I can tell you that you will be saving a crap load of money by paying this off now .vs keeping the loan. But you already knew that

 

You hate this website because of all the money it makes you spend?

 

This one has amortization. Shows you exactly What interest is at any given point in the loan.

http://www.calculator.net/auto-loan-calculator.html

 

Take payment, multiply by months. Boom. Easy

 

Well in that case..I hate it too

 

I love this site, dislike the toyotafinancial. Just paid off the truck. Its hurts, but its a good hurt kinda

 

Good for you!

Think of it this way, there are people out there right now who would kill to find a secure investment that pays them even a 2% interest rate. You effectively just found one that pays 4.75% - good for you!

Take $9 of the $950 dollars you just saved for the year and have a nice beverage or two of your choice as a small reward.

 

Always do your homework first on loans. There are different ways interest is calculated. Mortgages are best, and if you pay it off early, it in effect becomes a loan to the date you pay it off. A lot of other loans are subject to the rule of 78's, which is heavily weighted in the bank/lenders favor, and the early payoff really can cost you when they calculate the payoff.

Bottom line - only borrow what you need and can realistically afford. If you pay it off half way through, you won't be paying half the interest - maybe paying 60% or more of what you would pay if you went full term.

 

Just paid my truck off a couple days ago too. Totally agree. It hurts but it's a good hurt. Congrats on paying off your truck! All yours now!!!

 

Congrats to you too man!~

 

Thanks dude. It's a good feeling not having to make anymore payments

 

whatever you saved will be blown on mods anyway now that you've found TW