Home Equity vs. Auto Loan

Compare using a home equity loan versus an auto loan to finance your vehicle purchase.

Auto Loan

Loan Amount

Auto Loan Rate

Auto Loan Term60 months

12 months84 months

Home Equity Rate

Home Equity Term120 months

60 months180 months

Tax Bracket

Monthly Payment$586.98

Total Interest$5,219.07

Total Cost$35,219.07

Monthly Payment$356.11

Total Interest$12,732.64

Tax Savings$3,055.83

Net Cost$39,676.80

Best Option0

You Save$4,457.74

Note: Using home equity puts your home at risk. Interest deductibility depends on how funds are used. Consult a tax professional.