This is an estimate. Actual financing terms may vary.
Understanding Your Tesla Financing
Purchasing a Tesla is a significant investment, and understanding your financing options is crucial. This calculator helps you estimate your monthly payments for a Tesla vehicle, taking into account the vehicle's price, your down payment, loan term, interest rate, and estimated taxes and fees.
Financing a car involves borrowing money to pay for the vehicle, which you then repay over a set period (the loan term) with interest. The monthly payment is influenced by several key factors:
Vehicle Price: The sticker price of the Tesla model you choose.
Down Payment: The amount of money you pay upfront. A larger down payment reduces the amount you need to finance, leading to lower monthly payments and potentially less interest paid over time.
Loan Term: The duration of the loan, typically measured in years. Longer loan terms generally result in lower monthly payments but mean you'll pay more interest overall.
Annual Interest Rate (APR): The percentage charged by the lender for borrowing the money. A lower APR significantly reduces your total interest cost and monthly payments.
Taxes and Fees: These include sales tax, registration fees, and other administrative costs that are often rolled into the loan principal.
How the Calculator Works:
The calculator uses a standard loan amortization formula to determine the monthly payment. The core components are:
Loan Principal: This is calculated as: Vehicle Price + Estimated Taxes & Fees - Down Payment.
Monthly Interest Rate: The annual interest rate is divided by 12 (e.g., 5% APR becomes 0.05 / 12).
Total Number of Payments: The loan term in years is multiplied by 12 (e.g., a 5-year loan has 60 payments).
The formula for the monthly payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amount
i = Monthly Interest Rate
n = Total Number of Payments
By inputting your specific details, the calculator provides a realistic estimate of what your monthly Tesla payment could be. This information is invaluable for budgeting and comparing financing offers from different lenders. Remember to get pre-approved for a loan to understand the exact terms you qualify for.
function calculateLoan() {
var vehiclePrice = parseFloat(document.getElementById("vehiclePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTermYears = parseInt(document.getElementById("loanTerm").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var estimatedTaxesFees = parseFloat(document.getElementById("estimatedTaxesFees").value);
var resultDisplay = document.getElementById("result-value");
resultDisplay.textContent = "$0.00";
if (isNaN(vehiclePrice) || vehiclePrice <= 0 ||
isNaN(downPayment) || downPayment < 0 ||
isNaN(loanTermYears) || loanTermYears <= 0 ||
isNaN(annualInterestRate) || annualInterestRate < 0 ||
isNaN(estimatedTaxesFees) || estimatedTaxesFees vehiclePrice + estimatedTaxesFees) {
alert("Down payment cannot be greater than the total vehicle cost (price + taxes/fees).");
return;
}
var principal = vehiclePrice + estimatedTaxesFees – downPayment;
var monthlyInterestRate = annualInterestRate / 100 / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment;
if (monthlyInterestRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
if (isNaN(monthlyPayment) || !isFinite(monthlyPayment)) {
resultDisplay.textContent = "Error";
} else {
resultDisplay.textContent = "$" + monthlyPayment.toFixed(2);
}
}