This calculator helps determine if a home equity loan may be better than standard automobile financing for purchasing a car. Home equity loans often have lower interest rates than auto loans and the interest may be tax deductible.
Auto Loan Information
Purchase price (pre tax)
Sales tax rate
Amount owed on trade
Check here if your state does not allow deductions for trade-ins when calculating sales tax
Home Equity Loan Information
Federal tax rate
State tax rate
Show payment schedule Show graph
A home equity loan will save you $2,041.53 over the life of the loan.
Home Equity Loan
Tax adjusted total savings
This calculator uses monthly compounding and monthly payment frequency.
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
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