Estimate the total cost of owning a vehicle, including purchase price, financing, fuel, insurance, and maintenance.
Estimated Total Ownership Cost (Over Loan Term)
$0.00
This is an estimate and does not include taxes, registration fees, or depreciation.
Understanding Your Auto Costs
Buying a car is a significant financial decision, and understanding the total cost of ownership is crucial. This calculator helps you estimate the overall expenses associated with your vehicle over the period you plan to finance it. By inputting key details about the car, your loan, and your expected usage, you can gain a clearer picture of your financial commitment.
How the Calculation Works:
The calculator breaks down the total cost into several components:
Financing Costs: This includes the principal loan amount and the total interest paid over the life of the loan.
Monthly Payment (M) is calculated using the loan payment formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
where P is the loan amount, i is the monthly interest rate, and n is the number of payments.
Total Interest Paid = (Monthly Payment * Number of Payments) – Loan Amount
Total Financing Cost = Loan Amount + Total Interest Paid
Fuel Costs: This estimates the cost of gasoline based on how much you drive, your car's fuel efficiency, and the current gas prices.
Gallons per Year = Annual Mileage / Fuel Efficiency
Annual Fuel Cost = Gallons per Year * Average Fuel Price per Gallon
Total Fuel Cost = Annual Fuel Cost * Loan Term (Years)
Insurance Costs: An estimate of your yearly insurance premium multiplied by the loan term.
Total Insurance Cost = Annual Insurance Cost * Loan Term (Years)
Maintenance & Repairs: An estimate for routine maintenance and unexpected repairs, multiplied by the loan term.
Total Maintenance Cost = Annual Maintenance & Repairs * Loan Term (Years)
Total Estimated Ownership Cost = Total Financing Cost + Total Fuel Cost + Total Insurance Cost + Total Maintenance Cost
Use Cases:
Budgeting: Helps potential car buyers understand the true monthly and long-term financial impact of a vehicle.
Comparison: Allows you to compare the total cost of different vehicles, including those with varying fuel efficiencies, prices, and financing options.
Financial Planning: Aids in long-term financial planning by projecting significant recurring expenses.
Remember that this calculator provides an estimate. Actual costs can vary based on driving habits, fluctuating fuel prices, insurance policy details, specific repair needs, and other potential fees such as taxes, registration, and dealership fees, which are not included in this calculation.
function calculateTotalCost() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var annualMileage = parseFloat(document.getElementById("annualMileage").value);
var fuelEfficiency = parseFloat(document.getElementById("fuelEfficiency").value);
var fuelPrice = parseFloat(document.getElementById("fuelPrice").value);
var annualInsurance = parseFloat(document.getElementById("annualInsurance").value);
var annualMaintenance = parseFloat(document.getElementById("annualMaintenance").value);
var loanAmount = purchasePrice – downPayment;
var totalOwnershipCost = 0;
var totalFinancingCost = 0;
var totalFuelCost = 0;
var totalInsuranceCost = 0;
var totalMaintenanceCost = 0;
// Input validation
if (isNaN(purchasePrice) || purchasePrice < 0 ||
isNaN(downPayment) || downPayment < 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(interestRate) || interestRate < 0 ||
isNaN(annualMileage) || annualMileage < 0 ||
isNaN(fuelEfficiency) || fuelEfficiency <= 0 ||
isNaN(fuelPrice) || fuelPrice < 0 ||
isNaN(annualInsurance) || annualInsurance < 0 ||
isNaN(annualMaintenance) || annualMaintenance < 0) {
alert("Please enter valid positive numbers for all fields.");
return;
}
if (loanAmount 0 && interestRate > 0) {
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment;
// Loan Payment Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
if (monthlyInterestRate > 0) {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
monthlyPayment = loanAmount / numberOfPayments; // Simple interest if rate is 0
}
var totalInterestPaid = (monthlyPayment * numberOfPayments) – loanAmount;
totalFinancingCost = loanAmount + totalInterestPaid;
}
// Calculate Fuel Costs
var gallonsPerYear = annualMileage / fuelEfficiency;
var annualFuelCost = gallonsPerYear * fuelPrice;
totalFuelCost = annualFuelCost * loanTerm;
// Calculate Insurance Costs
totalInsuranceCost = annualInsurance * loanTerm;
// Calculate Maintenance Costs
totalMaintenanceCost = annualMaintenance * loanTerm;
// Calculate Total Ownership Cost
totalOwnershipCost = totalFinancingCost + totalFuelCost + totalInsuranceCost + totalMaintenanceCost;
// Display Result
document.getElementById("result-value").innerText = "$" + totalOwnershipCost.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}