Car Lease Calculator

How Our Car Lease Calculator Works

Leasing splits your payment into two parts: a depreciation fee (what the car is expected to lose in value over your lease term) and a finance fee (the cost of borrowing, similar to interest on a loan). Enter the vehicle price, any down payment or trade-in, your lease term, and the residual value your dealer quoted — or use our suggested estimate — to see what your payments could look like.

This is an estimate only. Your actual lease payment will depend on the specific vehicle, the leasing company's money factor, and any fees or taxes added at signing. For a firm quote, get pre-approved and one of our financing specialists will walk you through real lease and loan offers side by side.

Key Lease Terms Explained

Leasing vs. Financing: Which Costs Less?

Leasing usually wins on monthly payment, since you're only paying for the vehicle's depreciation over the term rather than its full value. Financing usually wins in the long run if you plan to keep the vehicle well past the loan term, since once it's paid off you own an asset instead of returning it with new mileage and wear limits. If you're weighing both, run the same vehicle price through our car loan calculator and compare the monthly numbers side by side, then factor in whether you want to own the car long-term or prefer driving a newer model every few years.

One more factor worth checking: leases in most provinces are taxed on each monthly payment rather than the vehicle's full price upfront. Use our car sales tax calculator to see how tax compares between a lease and a purchase in your province.

Frequently Asked Questions