ÿþ<HTML> <HEAD> <TITLE>Home Equity vs. Auto loan</TITLE> <META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=iso8859-1"> <META NAME="description" CONTENT="Financial Calculators, ©1998-2010 KJE Computer Solutions, LLC. For more information please see http://www.dinkytown.net"> <STYLE> <!-- BODY, TABLE, TD, TH, UL, OL, DD, DL, P, BR { font-family: helvetica, arial, sans-serif; font-size: 10pt; } H1 { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } DT { font-family: helvetica, arial, sans-serif; font-size: 10pt; font-weight: bold; } P.footer { font-family: helvetica, arial, sans-serif; font-size: 9pt; } DIV.large { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } --> </STYLE> </HEAD> <!-- Financial Calculators, ©1998-2008 KJE Computer Solutions, LLC. 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For more information please see: <A HREF="http://www.dinkytown.net">http://www.dinkytown.net</A> --> <H1>Auto Loan vs. Home Equity Loan</H1><P>Home equity loans often have lower interest rates than auto loans and the interest may be tax deductible -- two good reasons to take a look at home equity loans to finance your automobile purchase. <P><CENTER> <!--[if IE]><object name="calculator" classid="clsid:8AD9C840-044E-11D1-B3E9-00805F499D93" codebase="http://java.sun.com/update/1.6.0/jinstall-6-windows-i586.cab#Version=1,4,0,0" height="400" width="565"><param name="code" value="AutoEquityLoan" /><param name="archive" value="dinkytown.jar" /> <P style="font-size:1px; color: #ffffff" line-height: 1px><![endif]--><![if !IE]><P style="font-size:1px; color: #ffffff" line-height: 1px><![endif]></P><![if !IE]><APPLET name="calculator" code="AutoEquityLoan.class" align="baseline" WIDTH="565" HEIGHT="400" archive="dinkytown.jar"><![endif]> <PARAM name="INTEREST_RATE" value="9.00"> <PARAM name="TERM" value="60"> <PARAM name="CASH_DOWN" value="1500"> <PARAM name="TRADE_ALLOWANCE" value="5000"> <PARAM name="AMOUNT_OWED_ON_TRADE" value="4000"> <PARAM name="TITLE_TRANSFER_FEE" value="40"> <PARAM name="SALES_TAX_RATE" value="7.00"> <PARAM name="AUTO_SALE_PRICE" value="20000"> <PARAM name="HOME_EQUITY_RATE" value="5.00"> <PARAM name="HOME_EQUITY_CLOSING_COSTS" value="0"> <PARAM name="FED_TAX_RATE" value="25"> <PARAM name="STATE_TAX_RATE" value="4"> <!--CUSTOM PARAMETERS--> <PARAM name="TEXT_FOR_REPORT" value="<HTML> <HEAD> <TITLE>Home Equity vs. Auto loan</TITLE> <META HTTP-EQUIV='Content-Type' CONTENT='text/html; charset=iso8859-1'> <META NAME='description' CONTENT='Financial Calculators, &QCPQ;1998-2010 KJE Computer Solutions, LLC. For more information please see http://www.dinkytown.net'> <STYLE> <!-- BODY, TABLE, TD, TH, UL, OL, DD, DL, P, BR { font-family: helvetica, arial, sans-serif; font-size: 10pt; } H1 { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } DT { font-family: helvetica, arial, sans-serif; font-size: 10pt; font-weight: bold; } P.footer { font-family: helvetica, arial, sans-serif; font-size: 9pt; } DIV.large { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } --> </STYLE> </HEAD> <BODY bgcolor='#FFFFFF' LINK='#003399' VLINK='#666666' BGCOLOR='#FFFFFF'> <CENTER><table border=0 bgcolor='#000000' width=468 cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFDD' border=0 width=468 cellspacing=1 cellpadding=5><tr><td width='100%' align=center valign=middle><DIV class=large>Auto Loan vs. Home Equity Loan</DIV></td></tr></table></TD></TR></TABLE></CENTER> <H1>RESULTS_MSG. </H1>**GRAPH**<P>RESULTS_TEXT <CENTER> <P><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TD COLSPAN=3><CENTER><B>Auto Loan vs. Home Equity Loan Results</B></CENTER></TD></TR> <TR BGCOLOR='#CCCCCC'><TD>&NBSP;</TD><TD><B>Auto Loan</B></TD><TD><B>Home Equity Loan</B></TD></TR> <TR><TD ><B>Loan amount</B></TD> <TD >LOAN_AMOUNT</TD><TD >HOME_EQUITY_LOAN_AMOUNT </TD></TR> <TR><TD ><b>Monthly payment</b></TD> <TD>MONTHLY_PAYMENT</TD><TD>HOME_EQUITY_MONTHLY_PAYMENT</TD></TR> <TR><TD ><b>Interest rate</b></TD> <TD>INTEREST_RATE</TD><TD>HOME_EQUITY_RATE</TD></TR> <TR><TD ><b>Term</b></TD> <TD>TERM months</TD><TD>TERM months</TD></TR> <TR><TD ><b>Income tax savings <BR>(Over the term of the loan)</b></TD> <TD>$0</TD><TD>HOME_EQUITY_TAX_SAVINGS</TD></TR> <TR><TD ><b>Total interest paid</b></TD> <TD>AUTO_LOAN_TOTAL_INTEREST</TD><TD>HOME_EQUITY_TOTAL_INTEREST</TD></TR> <TR><TD COLSPAN=3><CENTER><B>RESULTS_MSG.</b></CENTER></TD></TR> </TABLE></TD></TR></TABLE> <P><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TH colspan=2>Auto Purchase Summary</TH></TR> <TR><TD><B>Total purchase price (before tax):</b></TD><TD>AUTO_SALE_PRICE </TD></TR> <TR><TD><B>Sales tax*:</b></TD><TD>SALES_TAX</TD></TR> <TR><TD valign=top><B>&NBSP;</b></TD><TD colspan=1>*Currently California, the District of Columbia, Hawaii, Maryland and Michigan allow no deductions for trade-ins when calculating sales tax. If you live in one of these states make sure to check the box 'No sales tax deduction for trade-in' on the main calculator page. </TD></TR> <TR><TD><B>Fees:</b></TD><TD>TITLE_TRANSFER_FEE</TD></TR> <TR><TD><B>Total sales price (after tax & fees):</b></TD><TD>TOTAL_SALE_PRICE</TD></TR> <TR><TD valign=top><B>Total down payment**:</b></TD><TD>TOTAL_DOWN</TD></TR> <TR><TD valign=top><B>&NBSP;</b></TD><TD>**Your total down payment is calculated as your cash down payment of CASH_DOWN plus your trade-in allowance of TRADE_ALLOWANCE minus the AMOUNT_OWED_ON_TRADE loan balance outstanding on your trade-in vehicle.</TD></TR> <TR BGCOLOR='#CCCCCC'><TD><B>Loan amount:</b></TD><TD>LOAN_AMOUNT</TD></TR> </TABLE></TD></TR></TABLE> </CENTER> <P><DIV class=large>Payment schedule</DIV> <HR SIZE=1> **REPEATING GROUP** <BR> <HR SIZE=1> <CENTER><P class=footer> Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. </P></CENTER><br><br> </BODY> </HTML> "> <H1><CENTER>This Financial Calculator requires SUN's Java"! Plug-in. If you see this message you will need to download SUN's Java"! Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing  Install ActiveX Control . </CENTER></H1> <OL> You can also get SUN's Java"! Plug-in here: <A href="http://www.java.com/en/download/download_the_latest.jsp" target=_blank><b>Get the Java"! Plug-in!</b></A> <P>For more information about this Plug-in please visit: <A href="http://www.dinkytown.net/money/sunjvm.html" target=_blank><b>SUN's Java"! Plug-in</b></A> <BR>For more information these financial calculators please visit: <A href="http://www.dinkytown.net" target=_blank><b>Financial Calculators from KJE Computer Solutions, LLC</b></A> </OL><!--[if IE]></OBJECT><![endif]--><![if !IE]></APPLET><![endif]> </CENTER><CENTER><SCRIPT>document.write(showbuttons())</SCRIPT> </CENTER> <H1>Definitions</H1><P><TABLE align='center' WIDTH="95%"><TR><TD><DL><!--DEFN_START--> <DT><B>Term</B><DD>Number of months for the auto loan.<P> <DT><B>Purchase price</B><DD>The amount, before taxes and fees that you are paying for this auto.<P> <DT><B>Auto loan interest rate (APR)</B><DD>Annual percentage rate for the auto loan.<P> <DT><B>Cash down</B><DD>This is the money you have available to be used for fees and your down payment.<P> <DT><B>Trade allowance</B><DD>Total dollar amount given to you for your auto trade-in.<P> <DT><B>Amount owed on trade</B><DD>Total loan balance still outstanding on the trade-in.<P> <DT><B>Fees</B><DD>Fee charged for title transfer. Also include any other fees that may be due at delivery.<P> <DT><B>Sales tax rate</B><DD>Sales tax percentage rate charged on this purchase.<P> <DT><B>Home equity interest rate (APR) </B><DD>Annual percentage rate for the home equity loan.<P> <DT><B>Home equity closing costs </B><DD>Any additional costs to the home equity loan. This should include any appraiser fees, points paid or other miscellaneous fees.<P> <DT><B>State and Federal tax rates</B><DD>Your state and federal marginal income tax rates. These rates are used to determine the tax savings associated with a home equity loan.<P> <DT><B>No sales tax deduction for trade-in</B><DD>If you live in a state where your sales tax is calculated on your full purchase price, check this box. If this box is unchecked, sales tax is calculated on the purchase price less trade in. Currently California, the District of Columbia, Hawaii, Maryland, Michigan allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on autos. <!--DEFN_END--></DL></TD></TR></TABLE> <BR> <HR SIZE=1> <CENTER> <P class=footer> Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. </P></CENTER> <BR> </BODY> </HTML>