Calculator: What's the best way to finance a car buy

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Financial Literacy 2007 - Home equity

Part 5 of 12

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Home equity toolkit

Use these calculators, work sheets and tips for making the smartest home equity moves.

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What's the best way to finance a car purchase?

This calculator compares the total cost of four types of borrowing -- car loan, home equity loan, home equity line of credit (HELOC) and cash-out mortgage refinance.

Car loans, because they have the shortest term, will always have the highest monthly payment. But whether it's the most costly in the long run depends on interest rates, tax brackets and whether you pay more than the minimum. To rank the loans, type in your own numbers and press "enter." Explanation of terms

	Car loan	Home equity loan	HELOC	1st mortgage cash-out refinancing
Loan Amount:
Interest rate (defaults from Bankrate averages):
Loan term (months):
Expected costs to close loan:
Federal income tax:

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