Purchasing a Tesla is a significant investment, and understanding the financing options is crucial. This calculator helps you estimate the key financial aspects of financing a Tesla, including the actual loan amount after your upfront payment and any applicable taxes and fees, your estimated monthly payment, and the total cost over the loan term.
How the Calculator Works
The Tesla Financing Calculator uses standard financial formulas to provide estimations. Here's a breakdown of the calculations:
Total Vehicle Cost: This is the base price of the Tesla you select.
Estimated Fees & Taxes: This amount is calculated as a percentage of the Tesla's vehicle price. It aims to cover registration, sales tax, documentation fees, and other potential charges that vary by location.
Total Fees & Taxes = Vehicle Price * (Estimated Fees & Taxes Percentage / 100)
Total Purchase Price: The sum of the vehicle price and the estimated fees and taxes.
Total Purchase Price = Vehicle Price + Total Fees & Taxes
Loan Amount: This is the amount you need to finance after making your upfront payment.
Loan Amount = Total Purchase Price - Upfront Payment Note: If the Upfront Payment exceeds the Total Purchase Price, the Loan Amount will be $0.
Monthly Payment: This is calculated using the standard loan amortization formula. It determines the fixed monthly payment required to repay the Loan Amount over the specified Financing Term at the given Annual Interest Rate.
The formula for the monthly payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1] Where:
n = Total Number of Payments (Financing Term in Months)
Total Paid Over Term: This is the total amount you will have paid by the end of the financing term, including your upfront payment and all monthly payments.
Total Paid Over Term = Upfront Payment + (Monthly Payment * Financing Term)
Total Interest Paid: The total amount of interest you will pay over the life of the loan.
Total Interest Paid = Total Paid Over Term - Loan Amount - Total Fees & Taxes Note: This calculation assumes interest is calculated on the outstanding principal balance.
Factors to Consider
Vehicle Price Fluctuations: Tesla's pricing can change based on model, configuration, and market conditions. Always check the latest prices on Tesla's official website.
Fees and Taxes: These vary significantly by state and local jurisdiction. Common fees include sales tax, registration fees, and destination charges.
Interest Rates: Financing rates depend on your creditworthiness, the lender, and current economic conditions. Tesla often partners with various financial institutions, and rates can differ.
Loan Term: A longer loan term results in lower monthly payments but a higher total interest paid. A shorter term increases monthly payments but reduces the overall interest cost.
Upfront Payment: A larger upfront payment reduces the amount financed, lowering your monthly payments and the total interest paid.
Disclaimer
This calculator provides an *estimate* for informational purposes only. It does not constitute a loan offer or guarantee. Actual financing terms, payments, and total costs may vary based on the lender, your credit approval, specific vehicle configuration, and current market conditions. Always consult with a financial advisor and review all loan documents carefully before making a purchase decision.
function calculateFinancing() {
var vehiclePrice = parseFloat(document.getElementById("vehiclePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var estimatedFeesPercentage = parseFloat(document.getElementById("estimatedFees").value);
var loanAmountDisplay = document.getElementById("loanAmountDisplay");
var totalFeesTaxesDisplay = document.getElementById("totalFeesTaxesDisplay");
var monthlyPaymentDisplay = document.getElementById("monthlyPaymentDisplay");
var totalPaidDisplay = document.getElementById("totalPaidDisplay");
var totalInterestDisplay = document.getElementById("totalInterestDisplay");
// Clear previous results
loanAmountDisplay.textContent = "–";
totalFeesTaxesDisplay.textContent = "–";
monthlyPaymentDisplay.textContent = "–";
totalPaidDisplay.textContent = "–";
totalInterestDisplay.textContent = "–";
// Input validation
if (isNaN(vehiclePrice) || vehiclePrice < 0) {
alert("Please enter a valid Tesla Vehicle Price.");
return;
}
if (isNaN(downPayment) || downPayment < 0) {
alert("Please enter a valid Upfront Payment.");
return;
}
if (isNaN(loanTerm) || loanTerm < 1) {
alert("Please enter a valid Financing Term (minimum 1 month).");
return;
}
if (isNaN(annualInterestRate) || annualInterestRate < 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (isNaN(estimatedFeesPercentage) || estimatedFeesPercentage 0) {
var monthlyInterestRate = annualInterestRate / 100 / 12;
if (monthlyInterestRate > 0) {
// Standard loan payment formula
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTerm)) / (Math.pow(1 + monthlyInterestRate, loanTerm) – 1);
} else {
// Simple interest if rate is 0%
monthlyPayment = loanAmount / loanTerm;
}
totalPaid = downPayment + (monthlyPayment * loanTerm);
totalInterestPaid = totalPaid – vehiclePrice – totalFeesTaxes;
} else {
monthlyPayment = 0; // No loan, no monthly payment
totalPaid = downPayment + totalFeesTaxes;
totalInterestPaid = 0;
}
// Format currency values
var formatCurrency = function(amount) {
return amount.toLocaleString(undefined, { style: 'currency', currency: 'USD' });
};
loanAmountDisplay.textContent = formatCurrency(loanAmount);
totalFeesTaxesDisplay.textContent = formatCurrency(totalFeesTaxes);
monthlyPaymentDisplay.textContent = formatCurrency(monthlyPayment);
totalPaidDisplay.textContent = formatCurrency(totalPaid);
totalInterestDisplay.textContent = formatCurrency(totalInterestPaid);
}