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Financial Education and Tools

Should I lease or buy a car?

Compare monthly and yearly costs for leasing vs. buying.

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My Information

Purchase
Purchase price
$
View Glossary Term: 'Loan term (months)' in a new browser window.Loan term (months)
Interest rate
%
Sales tax rate
%
Vehicle age (years)
View Glossary Term: 'Cash rebate' in a new browser window.Cash rebate
$
View Glossary Term: 'Down payment' in a new browser window.Down payment
$
View Glossary Term: 'Other upfront costs' in a new browser window.Other upfront costs
$

Lease
Lease term (months)
Monthly lease payment
$
Security deposit
$
Cash paid
$
Cash rebate
$

View Glossary Term: 'Your savings interest rate' in a new browser window.Your savings interest rate
%
View Glossary Term: 'Your state & federal tax rates' in a new browser window.Your state & federal tax rates
%
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Important note about this calculator

The calculators are provided by one or more third party service providers. The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate for your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The final APR may differ from the APR in the above results due to additional fees that may be applicable.

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