Car Loan vs. Home Equity Loan

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.

Car Loan vs. Home Equity Loan Calculator

Find out if you're better off using an auto loan or a home equity loan to finance your car with our free Car Loan vs. Home Equity Loan Calculator.
Purchase price of car ($):
Down payment amount ($):
Loan term (# of months):
Auto loan interest rate (%):
Home equity loan interest rate (%):
Home equity loan upfront costs ($ total of fees, points, ect):
Your combined state and federal tax rate (%):
Your savings interest rate (%):
Results Auto Loan Home Equity Loan
Monthly payment:
Total interest cost:
Tax savings:
Net cost (interest cost less tax savings):

What You Should Know