Car Loan vs Home Equity Loan Calculator

 

This calculator will help you to decide whether you should finance your car using an auto loan or using a home equity loan. Historically most mortgage interest was tax deductible, but the 2017 Tax Cuts and Jobs Act changed deductibility for the time being for mortgage debt that is not associated with buying a home or substantially improving or upgrading a ome. To remove income taxes from your calculation please set the marginal tax rate to 0 unless you live in a jurisdiction outside the United States which allows you to deduct second mortgage interest when the loan funds are used for a non-home related expense.

Your Loan Details

Vehicle purchase price ($):
Down payment amount ($):
Loan term in years:
Auto loan interest rate (APR %):
Home equity loan interest rate (%):
Home equity loan upfront costs ($ total of fees, points, ect):
Your combined state and federal tax rate (%):
Interest rate on savings (APR %):

Your Results

Auto Loan

Home Equity

Monthly payment:
Total interest cost:
Tax savings:
Net cost (interest cost less tax savings):

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