Icici Savings Account Interest Rate Calculator

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Car Leasing Monthly Payment Calculator

Estimate your lease payments including depreciation, finance charges, and taxes.

Monthly Depreciation: $0.00
Monthly Rent Charge: $0.00
Base Monthly Payment: $0.00
Monthly Sales Tax: $0.00
Total Monthly Payment: $0.00

Understanding How Car Lease Payments are Calculated

Leasing a car is significantly different from buying one with a traditional loan. When you lease, you are essentially paying for the depreciation of the vehicle over the time you use it, plus interest and taxes. This calculator helps you break down those costs so you can negotiate a better deal at the dealership.

Key Leasing Terms to Know

  • Gross Capitalized Cost: The negotiated price of the vehicle plus any added fees or insurance.
  • Residual Value: The estimated value of the car at the end of the lease term. A higher residual value usually results in a lower monthly payment.
  • Money Factor: This represents the interest rate on the lease. To convert this to a standard APR, multiply the money factor by 2,400.
  • Capitalized Cost Reduction: This includes your down payment, trade-in value, and any manufacturer rebates that reduce the amount being financed.

The Math Behind the Lease

The calculation consists of three main parts:

  1. Depreciation Fee: (Net Cap Cost – Residual Value) / Lease Term.
  2. Rent Charge (Interest): (Net Cap Cost + Residual Value) × Money Factor.
  3. Sales Tax: Usually applied to the sum of the depreciation and rent charges.

Example Calculation

Imagine you negotiate a car price to $30,000 with a residual value of $18,000 after 36 months. You put down $2,000 and the money factor is 0.0015 (3.6% APR). Your tax rate is 8%.

  • Net Cap Cost: $30,000 – $2,000 = $28,000
  • Depreciation: ($28,000 – $18,000) / 36 = $277.78
  • Rent Charge: ($28,000 + $18,000) × 0.0015 = $69.00
  • Base Payment: $277.78 + $69.00 = $346.78
  • Total with Tax: $346.78 × 1.08 = $374.52
function calculateLease() { var carPrice = parseFloat(document.getElementById("carPrice").value); var residual = parseFloat(document.getElementById("residualValue").value); var downPayment = parseFloat(document.getElementById("downPayment").value); var tradeIn = parseFloat(document.getElementById("tradeIn").value); var term = parseFloat(document.getElementById("leaseTerm").value); var moneyFactor = parseFloat(document.getElementById("moneyFactor").value); var taxRate = parseFloat(document.getElementById("salesTax").value); if (isNaN(carPrice) || isNaN(residual) || isNaN(term) || term <= 0) { alert("Please enter valid numbers for price, residual, and term."); return; } // Calculate Adjusted Capitalized Cost var adjCapCost = carPrice – downPayment – tradeIn; // 1. Monthly Depreciation var monthlyDepreciation = (adjCapCost – residual) / term; if (monthlyDepreciation < 0) monthlyDepreciation = 0; // 2. Monthly Rent Charge var monthlyRent = (adjCapCost + residual) * moneyFactor; // 3. Base Payment var basePayment = monthlyDepreciation + monthlyRent; // 4. Monthly Tax var monthlyTax = basePayment * (taxRate / 100); // 5. Total Payment var totalPayment = basePayment + monthlyTax; // Display Results document.getElementById("resDepreciation").innerText = "$" + monthlyDepreciation.toFixed(2); document.getElementById("resRent").innerText = "$" + monthlyRent.toFixed(2); document.getElementById("resBase").innerText = "$" + basePayment.toFixed(2); document.getElementById("resTax").innerText = "$" + monthlyTax.toFixed(2); document.getElementById("resTotal").innerText = "$" + totalPayment.toFixed(2); document.getElementById("leaseResult").style.display = "block"; }

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