Limited Use Policy The spreadsheet is for your personal use only. You may customize it to suit your needs, but it may not be sold, distributed, or placed on a public server (i.e. the internet). No Warranties THE SOFTWARE AND ANY RELATED DOCUMENTATION ARE PROVIDED TO YOU "AS IS." VERTEX42, LLC MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL REPRESENTATIONS, ORAL OR WRITTEN, TERMS, CONDITIONS, AND WARRANTIES, INCLUDING BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. WITHOUT LIMITING THE ABOVE YOU ACCEPT THAT THE SOFTWARE MAY NOT MEET YOUR REQUIREMENTS, OPERATE ERROR FREE, OR IDENTIFY ANY OR ALL ERRORS OR PROBLEMS, OR DO SO ACCURATELY. This Agreement does not affect any statutory rights you may have as a consumer. Some states do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation may not apply to you. Limitation of Liability IN NO EVENT SHALL VERTEX42, LLC BE LIABLE TO YOU, FOR ANY DAMAGES, INCLUDING ANY LOST PROFITS, LOST SAVINGS, OR ANY OTHER DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES ARISING FROM THE USE OR THE INABILITY TO USE THE SOFTWARE (EVEN IF WE OR AN AUTHORIZED DEALER OR DISTRIBUTOR HAS BEEN ADVISED OF THE POSSIBILITY OF THESE DAMAGES), OR ANY MISTAKES AND NEGLIGENCE IN DEVELOPING THIS SOFTWARE, OR FOR ANY CLAIM BY ANY OTHER PARTY. THE ORGANIZATION, BUSINESS, OR PERSON USING THIS SOFTWARE BEARS ALL RISKS AND RESPONSIBILITY FOR THE QUALITY AND PERFORMANCE OF THIS SOFTWARE. Somes states do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation may not apply to you.
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Revision History: 1.0: Original version
C5
Sale Price Include the sale price of the new car plus any additional options. Do not include the sales tax.
C6
Destination Charge: The cost that the automaker charges to deliver the auto to the dealer. This amount is usually a fixed charge and is not negotiable. It varies depending on the car.
C7
Title Transfer Fee: The title transfer fee is payable by the new owner to the state's DMV. This fee is usually taxable.
C8
Taxable Fees: Fees that are subject to State Sales Tax, such as fees that are due at delivery.
C12
Check Your State: In some states, the value of the trade-in is not tax deductible. If you choose TRUE, then the trade-in value is subtracted from the sale price BEFORE calculating the taxes. At the time of creation of this calculator, the following states DO NOT allow the trade-in value to be deducted: California, District of Columbia, Hawaii, Maryland, Michigan
C13
Check Your State: In some states, the manufacturer's Cash Rebate can be substracted from the sale price before the sales tax is calculated.
C19
Registration Fee: The registration fee usually varies depending on the vehicle type, fuel type, county, and other factors. Call your DMV to find out the registration cost.
C20
Late Registration: Many states due not have a grace period after registration has expired, so make sue you get the titled transferred and the registration fee paid right away.
C21
Service Contract: Very likely, the dealer will try to get you to purchase a service contract. This can be a very significant cost, so don't neglect considering it in your calculation.
C25
Late Title Transfer Fee: In many states, you have a limited amount of time (often 30 days) to transfer the title of the new car. If you don't meet the deadline, you end up paying late fees. Don't be late! The fees can add up quickly. e.g. $25 to $200
C27
Non-Taxable Fees Fees that are NOT subject to sales tax, such as document fees or fees due at delivery.
C32
Unpaid Balance on Previous Loan: If you have an unpaid balance on a loan for a car that you are trading in, enter the unpaid loan balance here.
C34
Down Payment: The amount you pay in cash (or by check).
C35
Trade-In: If you are trading in an older car, enter the value accepted by the dealer here. In some states, the trade-in value can be deducted from the purchase price prior to calculating the sales tax.
C36
Manufacturere's Cash Rebate: Sometimes, the manufacturer will provide a cash rebate or low-interest financing. In some states, the cash rebate can be deducted from the purchase price before calculating the sales tax.
Limited Use Policy The spreadsheet is for your personal use only. You may customize it to suit your needs, but it may not be sold, distributed, or placed on a public server (i.e. the internet). No Warranties THE SOFTWARE AND ANY RELATED DOCUMENTATION ARE PROVIDED TO YOU "AS IS." VERTEX42, LLC MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL REPRESENTATIONS, ORAL OR WRITTEN, TERMS, CONDITIONS, AND WARRANTIES, INCLUDING BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. WITHOUT LIMITING THE ABOVE YOU ACCEPT THAT THE SOFTWARE MAY NOT MEET YOUR REQUIREMENTS, OPERATE ERROR FREE, OR IDENTIFY ANY OR ALL ERRORS OR PROBLEMS, OR DO SO ACCURATELY. This Agreement does not affect any statutory rights you may have as a consumer. Some states do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation may not apply to you. Limitation of Liability IN NO EVENT SHALL VERTEX42, LLC BE LIABLE TO YOU, FOR ANY DAMAGES, INCLUDING ANY LOST PROFITS, LOST SAVINGS, OR ANY OTHER DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES ARISING FROM THE USE OR THE INABILITY TO USE THE SOFTWARE (EVEN IF WE OR AN AUTHORIZED DEALER OR DISTRIBUTOR HAS BEEN ADVISED OF THE POSSIBILITY OF THESE DAMAGES), OR ANY MISTAKES AND NEGLIGENCE IN DEVELOPING THIS SOFTWARE, OR FOR ANY CLAIM BY ANY OTHER PARTY. THE ORGANIZATION, BUSINESS, OR PERSON USING THIS SOFTWARE BEARS ALL RISKS AND RESPONSIBILITY FOR THE QUALITY AND PERFORMANCE OF THIS SOFTWARE. Somes states do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation may not apply to you.
C5
Loan Amount: This is the amount that you have borrowed. It is NOT the price of the automobile. It is the amount financed, which often consists of the price of the auto + fees + sales tax - down payment.
C7
Term of Loan Auto loans are usually between 1 and 6 years. If you want to specify a specific number of months, enter the formula: =months/12 For example: For a 6-month loan, enter =6/12 For a 18-month loan, enter =18/12
F7
Reduced Interest The reduced interest expense associated with making extra payments. The result may be off by a few cents due to rounding. When you make extra payments on the principal above your normal payment, then you pay less interest in the long run.
C8
First Payment Date Assumes that the first payment date is at the end of the first period. Shortcut: To enter today's date, press Ctrl+;
C15
Total Interest: If you don't make any extra payments, this will be the total amount of interest paid over the life of the loan.
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Total Payments: If you don't make any extra payments, this will be the total amount paid over the life of the loan (including interest). The amount may be off by a few cents due to rounding.
D19
Additional Payment The amount paid directly towards the principal. In order to pay off the remaining balance, the additional payment must be the last period balance - payment due + interest due. For example, to pay off after the first period, the additional payment would be: =G24-C25+E25 (Assumes no penalties for making additional payments.)
Unless otherwise indicated, the comparison tables are based on the Loan Amount, Interest Rate, Term, and Frequency listed to the right. These values can be changed in the PaymentCalculator worksheet.
Unless otherwise indicated, the comparison tables are based on the Loan Amount, Interest Rate, Term, and Frequency listed to the right. These values can be changed in the PaymentCalculator worksheet.
The calculations in this worksheet assume that no extra payments are made.
The calculations in this worksheet assume that no extra payments are made.
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Limited Use Policy The spreadsheet is for your personal use only. You may customize it to suit your needs, but it may not be sold, distributed, or placed on a public server (i.e. the internet). No Warranties THE SOFTWARE AND ANY RELATED DOCUMENTATION ARE PROVIDED TO YOU "AS IS." VERTEX42, LLC MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL REPRESENTATIONS, ORAL OR WRITTEN, TERMS, CONDITIONS, AND WARRANTIES, INCLUDING BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. WITHOUT LIMITING THE ABOVE YOU ACCEPT THAT THE SOFTWARE MAY NOT MEET YOUR REQUIREMENTS, OPERATE ERROR FREE, OR IDENTIFY ANY OR ALL ERRORS OR PROBLEMS, OR DO SO ACCURATELY. This Agreement does not affect any statutory rights you may have as a consumer. Some states do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation may not apply to you. Limitation of Liability IN NO EVENT SHALL VERTEX42, LLC BE LIABLE TO YOU, FOR ANY DAMAGES, INCLUDING ANY LOST PROFITS, LOST SAVINGS, OR ANY OTHER DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES ARISING FROM THE USE OR THE INABILITY TO USE THE SOFTWARE (EVEN IF WE OR AN AUTHORIZED DEALER OR DISTRIBUTOR HAS BEEN ADVISED OF THE POSSIBILITY OF THESE DAMAGES), OR ANY MISTAKES AND NEGLIGENCE IN DEVELOPING THIS SOFTWARE, OR FOR ANY CLAIM BY ANY OTHER PARTY. THE ORGANIZATION, BUSINESS, OR PERSON USING THIS SOFTWARE BEARS ALL RISKS AND RESPONSIBILITY FOR THE QUALITY AND PERFORMANCE OF THIS SOFTWARE. Somes states do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation may not apply to you.
