Auto Loan Calculator
AutoLoanCalculatorAuto Loan CalculatorUsing This Worksheethttp://www.vertex42.com/Calculators/auto-loan-calculator.html 2007-2015 Vertex42 LLCThis worksheet provides a break-down of the sales cost, charges, fees, and taxes associated with buying a car from a dealer. Many of the values will need to be estimated, and you may need to consult the policies of your state to determine how sales tax is applied and what the registration and other fees are.
Purchase Price (before tax)Sale Price + Options
Jon: Sale PriceInclude the sale price of the new car plus any
additional options. Do not include the sales tax.$20,000Destination
charge
Jon: Destination Charge:The cost that the automaker charges to
deliver the auto to the dealer. This amount is usually a fixed
charge and is not negotiable. It varies depending on the car.0.0
Set to 0 if included in sale priceTitle Transfer Fee
Jon: Title Transfer Fee:The title transfer fee is payable by the
new owner to the state's DMV. This fee is usually taxable.0.0e.g.
$10Other Taxable Fees
Jon: Taxable Fees:Fees that are subject to State Sales Tax, such as
fees that are due at delivery.0.0Purchase Price$20,000
State Sales TaxTrade-In is Tax Deductible
Jon: Check Your State:In some states, the value of the trade-in is
not tax deductible. If you choose TRUE, then the trade-in value is
subtracted from the sale price BEFORE calculating the taxes.
At the time of creation of this calculator, the following states
DO NOT allow the trade-in value to be deducted:California, District
of Columbia, Hawaii, Maryland, MichiganFALSE If you don't know, set
to FALSEAt the bottom of the Download page at Vertex42.com you will
find numerous links to online calculators and resources that may
help you complete this worksheet.Cash Rebate is Tax
Deductible
Jon: Check Your State:In some states, the manufacturer's Cash
Rebate can be substracted from the sale price before the sales tax
is calculated.FALSE If you don't know, set to FALSEState Sales Tax
Rate6.25%e.g. 6.25%Net Taxable$20,000State Sales (Excise)
Tax$1,250.00To make comparisons, you can make multiple copies of
Column D (select column D and press Ctrl+c, then right-click on
column E and select Insert Copied Cells)
Non-Taxable FeesRegistration
Jon: Registration Fee:The registration fee usually varies depending
on the vehicle type, fuel type, county, and other factors. Call
your DMV to find out the registration cost.$40e.g. $40 to $100Late
Registration Fee
Jon: Late Registration:Many states due not have a grace period
after registration has expired, so make sue you get the titled
transferred and the registration fee paid right away.0.0e.g. $10
per monthService Contract
Jon: Service Contract:Very likely, the dealer will try to get you
to purchase a service contract. This can be a very significant
cost, so don't neglect considering it in your calculation.0.0e.g.
$250 to $1000Special Plate Fee0.0e.g. $25Administration Fee$3e.g.
$3Transaction Fee$3e.g. $3Late Title Transfer Fee
Jon: Late Title Transfer Fee:In many states, you have a limited
amount of time (often 30 days) to transfer the title of the new
car. If you don't meet the deadline, you end up paying late fees.
Don't be late! The fees can add up quickly.e.g. $25 to $2000.0e.g.
$25 to $200Duplicate Title Fee0.0e.g. $25Other Non-Taxable
Fees
Jon: Non-Taxable FeesFees that are NOT subject to sales tax, such
as document fees or fees due at delivery.0.0Total Non-Taxable
Fees$46
Loan Amount
Unpaid Loan Balance on Trade-In
Jon: Unpaid Balance on Previous Loan:If you have an unpaid balance
on a loan for a car that you are trading in, enter the unpaid loan
balance here.0.0
Less Down Payment
Jon: Down Payment:The amount you pay in cash (or by check). 0.0Less
Value of Trade-In
Jon: Trade-In:If you are trading in an older car, enter the value
accepted by the dealer here. In some states, the trade-in value can
be deducted from the purchase price prior to calculating the sales
tax.0.0Less Cash Rebate
Jon: Manufacturere's Cash Rebate:Sometimes, the manufacturer will
provide a cash rebate or low-interest financing. In some states,
the cash rebate can be deducted from the purchase price before
calculating the sales tax.0.0
Total Loan Amount$21,296
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&"Arial,Regular"&8http://www.vertex42.com/Calculators/auto-loan-calculator.html&"Arial,Regular"&8 2007 Vertex42 LLC
PaymentCalculatorAuto Loan Payment CalculatorUsing This Worksheethttp://www.vertex42.com/Calculators/auto-loan-calculator.html 2007-2015 Vertex42 LLCThis spreadsheet creates a payment schedule for a fixed-rate auto loan, with optional extra payments. Use the spreadsheet to compare different terms, rates, and loan amounts. The spreadsheet allows complete flexibility in how you make additional payments.
InputsEffect of Extra PaymentsAuto Loan Amount
Jon: Loan Amount:This is the amount that you have borrowed.It is
NOT the price of the automobile. It is the amount financed, which
often consists of the price of the auto + fees + sales tax - down
payment.$20,000Total Payments$22,728.62Annual Interest
Rate8.50%Total Interest$2,728.62Term of Loan in Years
Maria: Term of LoanAuto loans are usually between 1 and 6
years.
If you want to specify a specific number of months, enter the formula: =months/12
For example:For a 6-month loan, enter =6/12For a 18-month loan,
enter =18/123Reduced Interest
Maria: Reduced InterestThe reduced interest expense associated with
making extra payments. The result may be off by a few cents due to
rounding. When you make extra payments on the principal above your
normal payment, then you pay less interest in the long
run.NoneFirst Payment Date
Maria: First Payment DateAssumes that the first payment date is at
the end of the first period.Shortcut: To enter today's date, press
Ctrl+;1/1/07Number of Payments36Frequency of PaymentMonthlyLast
Payment Date12/1/09Use the AutoLoanCalculator worksheet to figure
out the Auto Loan Amount.Summary (with no extra payments)Number of
Payments36Rate (per period)0.708%The payment is rounded to the
nearest cent. The last payment is adjusted to bring the balance to
zero.
Payment (per period)$631.35Total Interest
Jon: Total Interest:If you don't make any extra payments, this will
be the total amount of interest paid over the life of the
loan.$2,728.63Total Payments
Jon: Total Payments:If you don't make any extra payments, this will
be the total amount paid over the life of the loan (including
interest). The amount may be off by a few cents due to
rounding.$22,728.63.
No.Due DatePayment DueAdditional Payment
Maria: Additional PaymentThe amount paid directly towards the
principal. In order to pay off the remaining balance, the
additional payment must be the last period balance - payment due +
interest due. For example, to pay off after the first period, the
additional payment would be: =G24-C25+E25
(Assumes no penalties for making additional payments.)InterestPrincipalBalance$20,000.0011/1/07631.350.00141.67489.6819,510.3222/1/07631.350.00138.20493.1519,017.1733/1/07631.350.00134.70496.6518,520.5244/1/07631.350.00131.19500.1618,020.3655/1/07631.350.00127.64503.7117,516.6566/1/07631.350.00124.08507.2717,009.3877/1/07631.350.00120.48510.8716,498.5188/1/07631.350.00116.86514.4915,984.0299/1/07631.350.00113.22518.1315,465.891010/1/07631.350.00109.55521.8014,944.091111/1/07631.350.00105.85525.5014,418.591212/1/07631.350.00102.13529.2213,889.37131/1/08631.350.0098.38532.9713,356.40142/1/08631.350.0094.61536.7412,819.66153/1/08631.350.0090.81540.5412,279.12164/1/08631.350.0086.98544.3711,734.75175/1/08631.350.0083.12548.2311,186.52186/1/08631.350.0079.24552.1110,634.41197/1/08631.350.0075.33556.0210,078.39208/1/08631.350.0071.39559.969,518.43219/1/08631.350.0067.42563.938,954.502210/1/08631.350.0063.43567.928,386.582311/1/08631.350.0059.40571.957,814.632412/1/08631.350.0055.35576.007,238.63251/1/09631.350.0051.27580.086,658.55262/1/09631.350.0047.16584.196,074.36273/1/09631.350.0043.03588.325,486.04284/1/09631.350.0038.86592.494,893.55295/1/09631.350.0034.66596.694,296.86306/1/09631.350.0030.44600.913,695.95317/1/09631.350.0026.18605.173,090.78328/1/09631.350.0021.89609.462,481.32339/1/09631.350.0017.58613.771,867.553410/1/09631.350.0013.23618.121,249.433511/1/09631.350.008.85622.50626.933612/1/09631.370.004.44626.930.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00Ending Balance:[42]
&"Arial,Regular"&8 2007 Vertex42 LLC&"Arial,Regular"&8http://www.vertex42.com/Calculators/auto-loan-calculator.html&"Arial,Regular"&8&P of &N
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LoanComparisonsAuto Loan Payment & Interest ComparisonsUsing This Worksheethttp://www.vertex42.com/Calculators/auto-loan-calculator.html 2007-2015 Vertex42 LLCUnless otherwise indicated, the comparison tables are based on the Loan Amount, Interest Rate, Term, and Frequency listed to the right. These values can be changed in the PaymentCalculator worksheet.
Auto Loan Amount$20,000Term of Loan in Years3Annual Interest Rate8.50%Frequency of PaymentMonthly
Annual Interest RateTotal PaidPaymentTotal Interest2.00%20,622.60572.85622.603.00%20,938.32581.62938.32The calculations in this worksheet assume that no extra payments are made.4.00%21,257.28590.481,257.285.00%21,579.12599.421,579.126.00%21,903.84608.441,903.847.00%22,231.44617.542,231.448.00%22,562.28626.732,562.289.00%22,895.64635.992,895.6410.00%23,232.24645.343,232.24# of PaymentsTotal PaidPaymentTotal Interest620,498.763,416.46498.761220,932.801,744.40932.801821,372.661,187.371,372.662421,818.64909.111,818.643022,270.80742.362,270.803622,728.60631.352,728.604223,192.40552.203,192.404823,662.56492.973,662.565424,138.00447.004,138.006024,619.80410.334,619.806625,107.72380.425,107.727225,601.04355.575,601.04Down PaymentLoan AmountPaymentTotal Interest$0.0020,000.00631.352,728.60$1,000.0019,000.00599.782,592.08$2,000.0018,000.00568.222,455.92$3,000.0017,000.00536.652,319.40$4,000.0016,000.00505.082,182.88$5,000.0015,000.00473.512,046.36[42]Frequency# of PaymentsPaymentTotal InterestAnnually37,830.783,492.34Semi-Annually63,846.353,078.10[42]Quarterly121,905.742,868.88Bi-Monthly181,266.602,798.80Monthly36631.352,728.60Semi-Monthly72315.192,693.68Bi-Weekly78290.912,690.98
&"Arial,Regular"&8http://www.vertex42.com/Calculators/auto-loan-calculator.html&"Arial,Regular"&8 2007 Vertex42 LLC
HelpHELPhttp://www.vertex42.com/Calculators/auto-loan-calculator.html 2007-2015 Vertex42 LLC
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REFERENCESSEE ALSOVertex42.com: Loan Amortization Schedule
SEE ALSOVertex42.com: Personal Budget Spreadsheet
TIPSVertex42.com: Spreadsheet Tips Workbook
Auto Loan Calculator
By Vertex42.comhttp://www.vertex42.com/Calculators/auto-loan-calculator.html
2007-2015 Vertex42 LLC
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