This calculator helps you estimate the monthly payment for a car lease. Leasing a car can be a great option for those who like to drive a new car every few years or prefer lower monthly payments compared to financing. Understanding the key components of a lease is crucial for making an informed decision. The main factors influencing your monthly lease payment are the vehicle's capitalized cost (the price you agree upon for the car), the residual value (the car's estimated value at the end of the lease term), the money factor (which is similar to an interest rate), and the lease term (how many months you'll be leasing).
function calculateLeaseRate() {
var capitalizedCost = parseFloat(document.getElementById("capitalizedCost").value);
var residualValuePercent = parseFloat(document.getElementById("residualValue").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var leaseTermMonths = parseInt(document.getElementById("leaseTermMonths").value);
var upfrontFees = parseFloat(document.getElementById("upfrontFees").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(capitalizedCost) || isNaN(residualValuePercent) || isNaN(annualInterestRate) || isNaN(leaseTermMonths) || isNaN(upfrontFees)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (capitalizedCost <= 0 || residualValuePercent <= 0 || annualInterestRate < 0 || leaseTermMonths <= 0 || upfrontFees 100) {
resultDiv.innerHTML = "Residual value percentage cannot exceed 100%.";
return;
}
// Calculate the residual value in dollars
var depreciation = capitalizedCost * (residualValuePercent / 100);
var residualValueDollars = capitalizedCost – depreciation;
// Convert annual interest rate to a monthly rate (money factor)
var monthlyInterestRate = (annualInterestRate / 100) / 12;
// Calculate the financing cost (interest paid over the lease)
var financingCost = (capitalizedCost + residualValueDollars) * monthlyInterestRate * leaseTermMonths;
// Calculate the total lease cost
var totalLeaseCost = capitalizedCost + financingCost + upfrontFees;
// Calculate the monthly payment
var monthlyPayment = (totalLeaseCost – residualValueDollars) / leaseTermMonths;
// Display the results
var formattedMonthlyPayment = monthlyPayment.toFixed(2);
var formattedDepreciation = depreciation.toFixed(2);
var formattedFinancingCost = financingCost.toFixed(2);
resultDiv.innerHTML = `
Estimated Monthly Payment: $${formattedMonthlyPayment}
Total Depreciation: $${formattedDepreciation}
Estimated Total Financing Cost: $${formattedFinancingCost}
Note: This is an estimate. Actual lease payments may vary based on specific dealer offers, credit score, and final negotiations.
`;
}
.calculator-container {
font-family: Arial, sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 600px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 15px;
}
.calculator-container p {
color: #555;
line-height: 1.6;
margin-bottom: 20px;
}
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display: grid;
grid-template-columns: 1fr 1fr;
gap: 15px;
margin-bottom: 20px;
}
.input-section label {
display: block;
margin-bottom: 5px;
font-weight: bold;
color: #444;
grid-column: span 1;
}
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width: 100%;
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box; /* Include padding and border in the element's total width and height */
grid-column: span 1;
}
.input-section input::placeholder {
color: #aaa;
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display: block;
width: 100%;
padding: 12px 20px;
background-color: #007bff;
color: white;
border: none;
border-radius: 5px;
cursor: pointer;
font-size: 16px;
transition: background-color 0.3s ease;
}
.calculator-container button:hover {
background-color: #0056b3;
}
.result-section {
margin-top: 25px;
padding: 15px;
background-color: #e9ecef;
border: 1px solid #dee2e6;
border-radius: 5px;
text-align: center;
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color: #6c757d;
display: block;
margin-top: 10px;
}
.error {
color: #dc3545;
font-weight: bold;
}
/* Responsive adjustments */
@media (max-width: 480px) {
.input-section {
grid-template-columns: 1fr;
}
.input-section label,
.input-section input[type="number"] {
grid-column: span 1;
}
}