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Should you finance your car through a traditional auto loan, or through a home
equity loan? This calculator will show you the difference in monthly payments,
total interest costs, tax savings, and the net cost difference. Keep in mind
however that by using your home's equity to purchase your car you're putting
your home at risk in the event you can't make the extra auto payments. Find out
if you're better off using an auto loan or a home equity loan
to finance your car with our Car Loan vs. Home Equity Loan Calculator.
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Car Loan vs. Home Equity Loan Calculator
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Purchase price of car ($):
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Down payment amount ($):
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Loan term (# of months):
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Auto loan interest rate (%):
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Home equity loan interest rate (%):
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Home equity loan upfront costs ($ total of fees, points, ect):
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Your combined state and federal tax rate (%):
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Your savings interest rate (%):
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Results
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Auto Loan
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Home Equity Loan
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Monthly payment:
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Total interest cost:
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Tax savings:
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Net cost (interest cost less tax savings):
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