![]() You can enter card balances and try out different loan terms to find a plan that meets yours budget.ĭetermine the payments for fixed term loans or credit lines.įind out what it will take to payoff your credit card in a certain amount of time compared to what you’re currently paying.Įnter all of your loan balances and payments and find out how long you have until your debts are paid off. Loan & Credit Line Tax Savings Calculatorįind out if debt consolidation is right for you. Generate a payment by payment amortization schedule for an existing loans remaining balance.Įstimate the tax savings of loans or credit lines with tax deductible interest. The calculator will process all of this information and produce a chart that compares the costs associated with financing your vehicle using a home equity loan and the costs associated with financing your vehicle using an auto loan.Calculate a loan amount based on your desired payment, or calculate your payment based on a loan amount. In order to use this calculator you will need to enter the pre-tax purchase price of the vehicle in question, the auto loan interest rate, the fees associated with the auto loan, your trade allowance, the terms in months, your cash down amount, your state's sales tax rate, how much you still owe on your trade in, the interest rate for a home equity loan, your federal income tax rate, the closing costs associated with your home equity loan, and your state income tax rate. If you are interested in determining if you should finance your vehicle purchase with a home equity loan or an auto loan then you can use our Home Equity vs. This can be handy if you're planning to buy a higher-value vehicle that you expect to keep for a number of years. Second, the interest rates on home equity loans are often lower than on auto loans and the financing can be stretched over a longer period of time. So you won't be able to deduct the whole amount if you're buying a Ferrari. If you use a home equity loan to buy an automobile, you can deduct the interest paid if you itemize your deductions – up to a limit of $100,000 in home equity debt for a couple or $50,000 for a single person. Unlike interest on auto loans, mortgage interest is tax-deductible – and home equity loans are a type of mortgage. There are many advantages of using a home equity loan to finance the purchase of a car or truck.įirst of all the interest paid may be tax deductible. However, if they own their home then they may be able to get better terms by taking out a home equity loan instead. When most people want to finance a vehicle they think that their only option is to use an auto loan. In addition, Alaska, Delaware, Montana, New Hampshire and Oregon have no sales tax on autos. Currently California, the District of Columbia, Hawaii and Michigan allow no deductions for trade-ins when calculating sales tax. If this box is unchecked, sales tax is calculated on the purchase price less trade-in. If you live in a state where your sales tax is calculated on your full purchase price, check this box. ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. ![]() For a full list of these companies click here. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. Neither, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with any government agency. ICB Solutions partners with a private company, Mortgage Research Center, LLC, (nmls # 1907), that provides mortgage information and connects homebuyers with lenders. is a product of ICB Solutions, a division of Neighbors Bank.
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