EV Lease Calculator
Enter the price, down payment, residual value, term and rate to estimate the monthly lease payment and total cost.
This EV lease calculator estimates the monthly payment on a standard closed-end lease from the figures in your lease quote. Enter the vehicle price, down payment, residual value, lease term and rate, and it shows the payment before and after tax, the total cost of the lease and the steps behind each figure.
It is a generic calculator. It does not know your lessor’s terms, your state’s tax rules or incentives, and it is not the Australian novated lease. The tool runs in your browser, nothing is uploaded, and it is free with no sign-up. Results are estimates, so check them against your written quote.
How to use the EV lease calculator
- Enter the Vehicle MSRP (the sticker price).
- Enter the Agreed price, the negotiated price before the down payment.
- Enter the Down payment (cap cost reduction).
- Enter the Residual value (% of MSRP) from your lessor.
- Enter the Lease term (months), for example 24, 36 or 48.
- Set Finance rate given as to APR (%) or Money factor, to match your quote.
- Enter the Rate from your quote.
- Enter the Sales tax on the payment (%), or 0 to ignore it.
- Open More options to enter any rebate or incentive your lessor applies, fees added to the lease, other fees paid at signing, and a currency symbol.
- Read the monthly payment and the total cost of the lease. If a lease quote gives a money factor instead of an APR, switch the rate selector so both values are converted for you.
- Open How it was calculated to see each step with your numbers.
The example buttons above the form fill in sample values: $50,000, 36 months, 24 months with a rebate, and a money factor of 0.0025. Reset restores the starting example.
Below the results, Copy result copies the result lines with a link, Copy link saves every input in the page address so the same calculation reopens later, and Print / save as PDF prints the inputs, results, steps and date.
How is an EV lease payment calculated?
An EV lease payment is the depreciation part plus the rent charge, with sales tax added if you enter a rate. The depreciation part covers the expected loss in the car’s value over the term, and the rent charge covers the finance cost.
- Net capitalized cost = agreed price + fees added to the lease − down payment − rebate or incentive.
- Residual value = MSRP × residual %.
- Depreciation part per month = (net capitalized cost − residual value) ÷ term in months.
- Rent charge per month = (net capitalized cost + residual value) × money factor.
- Monthly payment before tax = depreciation part + rent charge.
With a $50,000 price, $3,000 down, 36 months, a 60% residual and 6% APR, the net capitalized cost is $47,000 and the residual value is $30,000. The depreciation part is $472.22 a month and the rent charge is $192.50, so the payment is $664.72 before tax.
What is a money factor and how do I convert it to APR?
A money factor is a small decimal that expresses the finance rate on a lease. To convert it to APR, multiply by 2400. To convert an APR to a money factor, divide the percentage by 2400.
For example, a money factor of 0.0025 equals 6% APR, because 0.0025 × 2400 = 6. A money factor of 0.00278 is about 6.67% APR. The calculator shows both values whichever one you enter.
What is the residual value on a lease?
The residual value is the amount the lessor expects the car to be worth at the end of the lease. It equals MSRP × residual %, and the lessor sets the percentage, so ask for it in the quote.
A higher residual lowers the depreciation part but raises the rent charge. If the residual is higher than the net capitalized cost, the depreciation part becomes negative, and the calculator warns you.
Is it better to put money down on an EV lease?
A down payment lowers the net capitalized cost, so both the depreciation part and the rent charge fall. The monthly payment goes down, but the down payment is cash paid at signing.
Compare total costs, not just monthly payments. The total cost is the monthly payment × term + down payment + other fees paid at signing. Run the quote with your planned down payment and with 0, then compare the two totals.
Does the calculator include the EV tax credit?
No. The calculator does not know whether a federal or state EV incentive applies to your lease. If your lessor applies a rebate or incentive, enter that amount in the “Rebate or incentive applied to the lease” field under More options. It lowers the net capitalized cost. Enter 0 if none.
Worked examples
| Input | Result |
|---|---|
| $50,000 price, $3,000 down, 36 months, 60 % residual, 6 % APR | $664.72 per month, $26,930.00 in total |
| $45,000 price, $0 down, 24 months, 58 % residual, 5.5 % APR | $779.04 per month, $18,696.86 in total |
| £38,000 price, £4,000 down, 48 months, 55 % residual, 5.04 % APR | £367.60 per month, £21,644.80 in total |
Calculated by the tool above with these values.
Frequently asked questions
Why does the calculator show a warning about the residual value?
The warning appears when the residual value is higher than the net capitalized cost, so the depreciation part would be negative. Check the price, down payment, rebate and residual percentage against your quote.
Can I save or reopen a calculation later?
Yes. Copy link puts every input in the page address, so opening that link later restores the same calculation. Print / save as PDF gives you a dated copy of the inputs, results and steps.
Is my data uploaded anywhere?
No. Everything runs in your browser, nothing is uploaded, and you do not need to sign up.
Can I use the results in a quote or proposal?
Yes. Results, charts and printouts can be used freely in commercial work such as quotes, proposals, reports and service records, and no attribution is needed. The tool’s note still applies: it is for estimation, so verify critical designs against the applicable standard.
Is this a novated lease calculator?
No. It is a generic closed-end lease estimate. A novated lease is an Australian salary-packaging arrangement with its own tax rules, which this calculator does not include.
Will the result match my lessor’s exact figure?
It may not. The calculator is generic and uses only the figures you enter, so it can differ from your lessor’s exact calculation. Use it to compare options, and confirm the final payment in your signed lease.
Related tools
- EV total cost calculator: use it to compare the full cost of owning an EV over time, beyond the lease payments.
- EV vs gas calculator: use it to compare the running costs of an EV with those of a gas car.
- EV cost per mile calculator: use it to work out what each mile costs to drive in an EV.
- EV charging cost calculator: use it to estimate what it costs to charge your EV.
- EV charging cost per kWh calculator: use it to turn a public charging bill into a price per kWh.
- EV range calculator: use it to see how far a battery takes you at your efficiency.
- EV trip planning calculator: use it to estimate charging stops and time for a longer trip.
- All EV calculators: use it to browse every calculator on the site.
Sources
- Corporate Finance Institute, Money Factor: APR = money factor × 2,400; worked example with a $50,000 price, $10,000 residual and 36 months