Auto Payment Comparison Spreadsheet

Version 2.0

www.moneyspot.org

It's a huge mistake to make: Most car buyers focus on their monthly payment rather than on the total amount they'll pay over the life of the loan. With this being the case, I built this spreadsheet to allow for a cross-section of loan variables (rates, terms, and sales prices) to calculate the figures at each payment level. Hopefully this will plainly show prospective borrowers just what's going on with the "big picture" of TOTAL PRICE PAID for various payment alternatives! And remember: Just because you CAN borrow the money doesn't mean you SHOULD. DEBT-FREE is the way to be! Regards, Michael

Interested in getting (and keeping!) the best loan rates? Check out my review of TrueCredit's credit-monitoring service at: http://www.mdmproofing.com/iym/reviews/true-credit-monitoring/

.

857.77 5 60 7.500.575 $4.00 3 36 6.02 $4.24 4 48 7.34 $1.476.284.00 $2.527.051.125.24 $1. approximately what dollar amount can I finance? Desired Payment: Down Payment: YEARS or MONTHS INTEREST RATE YOU CAN FINANCE… …OF A SALES PRICE OF… TOTAL INTEREST PAID $350.872.700.694.125% $329.33 Difference $17.Auto Payment Comparison Spreadsheet Option 1: Based on a desired payment.02 7 84 8.69 $5.00 $4.385.125% $20.98 $1.org 7 84 7.000% $258. PAYMENT TOTAL COST INTEREST PAID .34 $25.34 Interest Rate (APR): Sales Price: Down Payment: Term (Months): MO.000 60 $321.18 $23.675.214.77 $1.68 $6.568.568.700% $11.356.000% $17.725% $14.98 Loan #2 6.00 6 72 7.68 $25.23 $2.027.70 $20.342.41 $23.000 $4.63 $2.700% $17.715.900% $22. what might my payment be? Sales Price: Down Payment: YEARS or MONTHS INTEREST RATE MONTHLY PAYMENT TOTAL COST INTEREST PAID $20.69 Option 3: Side-by-side comparison of two loans … Loan #1 5.30 6 72 7.140.90 $22.77 $13.750% $509.23 4 48 6.34 $4.709.500% $286.33 $2.moneyspot.000% $396.176.325% $20.88 $4.781.175.91 $23.000.70 $3.63 5 60 7.634.66 www.00 $3.751.194.58 $24.324.34 $22.000 48 $303.32 Option 2: Based on a specific sales price.105.059.842.885.52 $18.23 $17.00 3 36 6.575.

moneyspot.ww.org .

Sign up to vote on this title
UsefulNot useful