Calculate Your Auto Loan: The Remaining Principle

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January 27, 2012

If you want to calculate auto loan payments, fees and other details, you are going to need to pay attention to the remaining principle amount as well as other facts and figures in order to get your numbers straight. Understanding what the remaining principle is on your auto loan will help you calculate auto loan numbers in the future.

Step #1: Know the Remaining Principle

The remaining principle is how much is remaining on the actual car loan, minus any interest that has been accrued. When paying monthly payments on a car loan, you are paying some money to the principle and some money to the interest that has been accrued. Knowing both of these numbers is vital in knowing how much money you still owe on your car loan.

Step #2: Perform the Calculations

Once you know the remaining principle on your loan, you can calculate auto loan figures. For instance, the amount you still owe, how much interest has been accrued and other similar figures. With the remaining principle, the remaining term of the loan, the current interest accrued and the interest rate, you can determine how much more is owed on your loan as well as how much you will be paying over the entire length of the loan. Knowing your monthly payment is also useful, and adjusting your monthly payment amount can show you how you can change the amount paid in full at the end of your auto loan term. This can be extremely useful if you want to repay your auto loan early.

Essentially, breaking down the remaining principle is what you need to know to help calculate your auto loan.

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