This calculator helps you estimate the monthly payment for your new Tesla. Buying a Tesla is a significant investment, and understanding the financing is crucial. The calculation considers the vehicle's price, any selected options or fees, your down payment, the loan term (duration of the loan), and the annual interest rate.
How it Works:
The core of the calculation is the standard loan amortization formula, adapted for monthly payments. Here's a breakdown:
1. Total Price: This is the sum of the Tesla's base price and the cost of any additional options, packages, or fees (like destination fees, order fees, etc.).
Total Price = Base Price + Options & Fees
2. Loan Amount: After deducting your down payment from the total price, you get the amount that needs to be financed.
Loan Amount = Total Price - Down Payment
3. Monthly Interest Rate: The annual interest rate is divided by 12 to get the rate applied each month.
Monthly Interest Rate = Annual Interest Rate / 12
4. Total Number of Payments: The loan term in years is multiplied by 12 to find the total number of monthly payments.
Total Payments = Loan Term (in years) * 12
5. Monthly Payment Calculation: The standard formula for calculating a fixed monthly loan payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amount (Loan Amount calculated in step 2)
i = Monthly Interest Rate (calculated in step 3)
n = Total Number of Payments (calculated in step 4)
If the interest rate is 0%, the monthly payment is simply the loan amount divided by the total number of payments.
Factors Affecting Your Payment:
Vehicle Configuration: Different Tesla models and configurations have vastly different starting prices.
Options and Fees: Features like Autopilot, Full Self-Driving Capability, paint colors, wheel upgrades, and destination/order fees all add to the total cost.
Down Payment: A larger down payment reduces the principal loan amount, leading to lower monthly payments and potentially less interest paid over time.
Loan Term: A longer loan term will result in lower monthly payments but will increase the total interest paid over the life of the loan. A shorter term means higher monthly payments but less total interest.
Interest Rate: This is heavily influenced by your credit score and current market conditions. A lower interest rate directly reduces your monthly payment and the total interest paid.
Use this calculator as a tool to explore different scenarios and get a clearer picture of the financial commitment involved in owning a Tesla. Remember that this is an estimate, and actual loan terms may vary based on your lender and specific financial situation. It does not include potential savings from fuel, maintenance, or tax credits, which can further offset the cost of ownership.
var teslaModelPrices = {
"3": 38990,
"Y": 43990,
"S": 74990,
"X": 79990
};
function updatePrice() {
var selectedModel = document.getElementById("teslaModel").value;
document.getElementById("basePrice").value = teslaModelPrices[selectedModel];
// Clear result if model changes
document.getElementById("result").style.display = 'none';
}
function calculatePayment() {
var basePrice = parseFloat(document.getElementById("basePrice").value);
var optionsCost = parseFloat(document.getElementById("optionsCost").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var resultDiv = document.getElementById("result");
var resultSpan = resultDiv.querySelector("span");
// Input validation
if (isNaN(basePrice) || basePrice < 0 ||
isNaN(optionsCost) || optionsCost < 0 ||
isNaN(downPayment) || downPayment < 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(interestRate) || interestRate < 0) {
alert("Please enter valid positive numbers for all fields.");
resultDiv.style.display = 'none';
return;
}
var totalPrice = basePrice + optionsCost;
var loanAmount = totalPrice - downPayment;
if (loanAmount <= 0) {
resultSpan.textContent = "$0.00";
resultDiv.style.display = 'block';
return;
}
var monthlyInterestRate = interestRate / 100 / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment = 0;
if (interestRate === 0) {
monthlyPayment = loanAmount / numberOfPayments;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) - 1);
}
if (isNaN(monthlyPayment) || !isFinite(monthlyPayment)) {
alert("Calculation resulted in an invalid number. Please check your inputs.");
resultDiv.style.display = 'none';
return;
}
resultSpan.textContent = "$" + monthlyPayment.toFixed(2);
resultDiv.style.display = 'block';
}
// Initialize the default price on load
document.addEventListener('DOMContentLoaded', function() {
updatePrice();
});