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This is the main section for estimating the costs of buying a car with a loan.
Results: Shows Monthly Payment, Total Interest, Total Cost, etc. for the purchase.
Fill this section to gauge affordability and estimate ongoing costs (requires Purchase inputs).
Results (Affordability): Shows Debt-to-Income (DTI) ratio, DTI guideline, and a check against the 20/4/10 rule.
Estimates the longer-term cost of buying. Requires Purchase inputs and TCO inputs.
Results (TCO): Shows estimated monthly operating costs and the estimated total cost of ownership for buying over the period (factoring in operating costs and resale value).
Shows the benefit if you entered an "Extra Monthly Payment" in the Purchase section.
Results (Savings): Shows interest saved and how much sooner the loan is paid off.
Estimate savings from refinancing an existing loan.
Results (Refinance): Compares payments and shows estimated total savings.
Compare leasing vs. buying the same vehicle (requires Purchase inputs).
Results (Lease vs. Buy): Shows estimated total costs for both options over the comparison period and indicates which might be cheaper.
Compare two different purchase scenarios.
The calculator uses the standard loan amortization formula to determine the principal and interest components of your monthly payment based on the amount financed, interest rate, and loan term.
The main "Monthly Payment" result only includes principal and interest for the loan. However, if you fill out the "Affordability & Operating Costs" and "TCO Estimate" sections, those calculations *do* factor in your estimates for insurance, fuel, maintenance, and annual fees to provide affordability insights and a Total Cost of Ownership estimate.
The guideline shown is a very rough estimate based *only* on general credit score tiers. Actual interest rates depend on many factors specific to you and the lender, including your detailed credit history, income, debt-to-income ratio, the specific vehicle, down payment amount, loan term, and current market conditions. Always use rates from pre-approvals or lender quotes for the most accurate calculations.
Money Factor is how interest is expressed in leasing. It's a small decimal number (e.g., 0.00150). You can get an approximate equivalent Annual Percentage Rate (APR) by multiplying the Money Factor by 2400 (e.g., 0.00150 * 2400 = 3.6% APR).
The Total Cost of Ownership (TCO) is an *estimate*. Its accuracy depends heavily on the accuracy of your inputs for operating costs (fuel, insurance, maintenance, fees) and, crucially, the estimated future value of the vehicle. Real-world costs and depreciation can vary.
The "Scenario Comparison" feature uses your browser's local storage. This means saved scenarios are temporary and specific to the browser you are currently using. They will likely be cleared if you clear your browser data or switch browsers/devices.
Disclaimer: This calculator provides estimates based on the information you enter. Actual loan terms, interest rates, taxes, fees, vehicle values, and other costs may vary. Results do not constitute financial advice. Consult with qualified financial professionals and lenders for personalized advice.
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Article Disclaimer: The information in this article is intended for general guidance and informational purposes only. It does not constitute financial, legal, or professional advice. While efforts are made to ensure accuracy, details like interest rates, market conditions, and specific financial situations can vary. Always consult with qualified professionals before making financial decisions based on this content.
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