Bankrate Com Auto Lease Calculator
'/%3E%3Ccircle cx='48' cy='39' r='19' fill='%23f2c9a5'/%3E%3Cpath d='M27 35c3-16 39-17 42 2-8-8-27-9-42-2z' fill='%23374151'/%3E%3Cpath d='M21 86c5-24 49-28 56 0z' fill='%232563eb'/%3E%3Ccircle cx='41' cy='41' r='2' fill='%23111827'/%3E%3Ccircle cx='55' cy='41' r='2' fill='%23111827'/%3E%3Cpath d='M42 52c4 3 9 3 13 0' stroke='%2392400e' stroke-width='3' fill='none' stroke-linecap='round'/%3E%3C/svg%3E)
Reviewed by Calculator Editorial Team
Calculate your auto lease payments with our Bankrate.com-style auto lease calculator. Get monthly payments, total cost, and lease terms comparison.
How to Use This Calculator
Enter the following information to calculate your auto lease:
- Vehicle price: The purchase price of the vehicle you want to lease
- Down payment: The amount you'll pay upfront (optional)
- Lease term: The length of the lease in months
- Annual percentage rate (APR): The interest rate for the lease
- Miles per year: The estimated number of miles you'll drive annually
- Mileage charge: The cost per mile over the included miles
Click "Calculate" to see your estimated monthly payment and total lease cost.
How Auto Lease Calculations Work
Auto leasing combines the cost of the vehicle, interest, and mileage into a single monthly payment. The formula for calculating the monthly lease payment is:
Monthly Payment = (Vehicle Price - Down Payment) × (APR/12) × (1 + (APR/12))^n / [(1 + (APR/12))^n - 1]
Where n = lease term in months
Additional costs include:
- Mileage charges: Calculated as (Miles Driven - Included Miles) × Mileage Charge
- Taxes and fees: Vary by state and dealer
- Registration and insurance: Additional monthly costs
Example Calculation
For a $30,000 vehicle with a $3,000 down payment, 36-month lease at 3.9% APR:
Monthly Payment = ($30,000 - $3,000) × (0.039/12) × (1 + (0.039/12))^36 / [(1 + (0.039/12))^36 - 1]
Calculating this gives approximately $650 per month
The total lease cost would be approximately $23,400 including mileage charges and fees.
Lease vs. Purchase Comparison
Compare the costs of leasing versus purchasing a vehicle:
| Factor | Lease | Purchase |
|---|---|---|
| Upfront Cost | Lower (down payment only) | Higher (full purchase price) |
| Monthly Payment | Fixed amount | Lower initial payments |
| Ownership | No ownership at end | Full ownership |
| Mileage Limits | Strict limits | No limits |
| Resale Value | None | Potential value |
Leasing is typically better for those who want to drive new cars frequently or don't want the responsibility of ownership. Purchasing is better for those who want to build equity and keep the vehicle.
Frequently Asked Questions
What is the difference between a lease and a loan?
A lease is a contract to use a vehicle for a set period, while a loan is a loan to purchase the vehicle. With a lease, you typically don't own the vehicle at the end, while with a loan you do.
Can I get insurance with a lease?
Yes, most leases include comprehensive and collision insurance. You may have the option to add additional coverage.
What happens if I exceed the mileage limit?
You'll be charged additional fees for each mile over the included limit. The exact amount varies by lease agreement.
Can I return the car early?
Early return policies vary by lease agreement. Some allow early returns with penalties, while others require you to complete the full term.