Home Equity vs. Auto Loan
Compare using a home equity loan versus an auto loan to finance your vehicle purchase.
Shared Inputs
$
Auto Loan
%
60 months
12 months84 months
Monthly Payment$587
Total Interest$5,219
Total Cost$35,219
Home Equity Loan
%
120 months
60 months180 months
%
Monthly Payment$356
Total Interest$12,733
Tax Savings$3,056
Net Cost$39,677
Best Option
Auto Loan$4,458
Note: Using home equity puts your home at risk. Interest deductibility depends on how funds are used. Consult a tax professional.