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

[42]

&"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

&"Arial,Regular"&8&P of &N

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

Getting StartedGeneral help information for how to use each calculator is provided on the right side of each worksheet. Specific help information for cells is provided via cell comments.

Additional HelpThe link at the top of this worksheet will take you to the web page on vertex42.com that talks about this template.

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

This spreadsheet, including all worksheets and associated content is a copyrighted work under the United States and other copyright laws.

Do not submit copies or modifications of this template to any website or online template gallery.

Please review the following license agreement to learn how you may or may not use this template. Thank you.

See License Agreementhttp://www.vertex42.com/licensing/EULA_personaluse.html

Do not delete this worksheet. If necessary, you may hide it by right-clicking on the tab and selecting Hide.