The purpose of the Lease vs. Buy calculator is to help users compare the cost of buying a car to those of leasing a car. To use this tool you will need to enter the purchase price of the vehicle that you are interested in, the sales tax rate, your down payment amount, the investment rte of return, your auto loan terms in months, the interest rate for your auto loan, auto loan fees, the annual depreciation for the car's value, your lease in terms of months, the interest rate, lease fees, the residual percentage, and your security deposit. This calculator will analyze all of this information and tell you what the net cost of buying the vehicle that you are interested in will be and what the net cost of leasing the same vehicle will be.
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Auto Lease vs. Auto Buy Calculator Overview
Deciding whether you should lease or buy is not always an easy decision to make. There are several factors that are going to influence your decision. Some of these factors include the interest rate that you can get, the amount of sales tax you will have to pay, what terms you can get, the vehicle's depreciation rate, and the lease's terms. If you would like some help analyzing all of your options then you should use our Lease vs. Buy calculator.
Auto Loan Calculator Overview
Unless you've been hiding under a rock, you know that gas prices are skyrocketing. But before you trade in that massive SUV for a trendy new hybrid, use this auto loan calculator to help estimate the potential financial damage to your wallet.
Total purchase price
If you're still making monthly payments on your current vehicle, follow the instructions below to find out how much purchasing power you'll have in today's auto market.
1) Click on the 'Total purchase price' button on the right.
2) Complete the items on the left. Use your keyboard's tab button or your mouse to click into each of the following fields:
1. 1. Monthly payment
2. 2. Term in months
3. 3. Cash down
4. 4. Trade allowance (check Kelley Blue Book value if you don't have this info)
5. 5. Amount owed on Trade
Your estimated purchase price will now appear on the right and at the top. If you don't want to assume a higher monthly payment than you currently have, choose a vehicle in this price range.
New monthly payment
If you don't currently have a car payment, this area will help determine what your new monthly payment will be. Don't try to crunch the numbers in your head-use this calculator to determine the monthly payment amount for a variety of auto prices and loan terms.
To calculate:
1) Click on the "Monthly payment" button on the left.
2) Complete the following items in the right column. Use your keyboard's "tab" button or your mouse to click into each of the following fields:
1. 1. Total purchase price
2. 2. Interest rate
3. 3. Fees (taxable)
4. 4. Fees (non-taxable)
5. 5. Sales Tax Rate
Your new monthly payment will appear immediately on the left and at the top.
Graph it
If you'd like to see a graph of your results, the graph calculator can plot it for you. Click on the "Schedule" button to see how much the loan principal will decrease over the life of the loan. Enter several different loan terms in the column on the upper left, and then click on the "Terms" button to learn the impact that a longer or shorter loan term could have on your monthly payment amount. Use the "Down payments" button to create a graph depicting the effect of different down payment amounts.
Before you head to the dealership and try to explain your needs to an eager salesperson, use this auto loan calculator to help you determine how much you really want to spend. By taking the time to review your options, you'll be better prepared to select the auto loan that's best for you.
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