Car Loan & Lease Calculator
Monthly car loan payment vs. lease payment and total cost.
Monthly payment
1,093,559원
This is a reference estimate. Rates and residual values vary by lender and vehicle, so confirm with an actual quote.
View repayment schedule
| Month | Principal | Interest | Balance |
|---|
Monthly lease payment
656,313원
If you return the vehicle, the deposit is refunded separately. Rates and residual values vary by lessor and vehicle, so confirm with an actual quote.
Loan vs. lease total cost
| Method | Total cost (KRW) |
|---|---|
| Installment | 43,368,124 |
| Lease buyout | 43,627,268 |
| Lease return | 23,627,268 |
할부가 리스 인수보다 259,144원 적게 듭니다. 리스 반납은 차량이 남지 않아 비교에서 제외했습니다.
Comparison assumes the same vehicle price and term. This is a reference estimate only; rates and residual values vary by lender and vehicle.
What's the difference between a car loan and a lease
An installment loan finances the vehicle price minus your down payment and repays it monthly with equal total payments (principal + interest). Ownership transfers to you immediately at signing.
A lease is closer to renting. You pay a monthly fee covering the vehicle's expected depreciation (price minus projected residual value) over the term. At maturity you can pay the residual value to buy the car, or return it and get your deposit back. During the term, the lessor usually holds title.
How it's calculated
Let r be the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months.
- Loan (equal payments): Financed principal = price − down payment. Monthly payment = principal × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1); if r = 0, principal ÷ n.
- Lease: Monthly payment = [(price − deposit) − (residual value − deposit) × (1+r)⁻ⁿ] × r ÷ (1 − (1+r)⁻ⁿ). The deposit is refunded or applied to the buyout at maturity, so the lessor recovers the residual value minus the deposit; its present value is deducted in an equal-payment structure.
The total buyout cost at maturity is total lease payments + residual value. Because the deposit is assumed to be applied toward the buyout price, it cancels out of the final total.
Loan vs. lease comparison
| Aspect | Loan | Lease |
|---|---|---|
| Ownership | Yours immediately at signing | Lessor's during the term (transfers on buyout) |
| Upfront cost | Down payment (usually 10–30% of price) | Deposit (refunded on return) |
| Monthly payment | Principal + interest | Depreciation (net of residual) + interest |
| Total cost | Usually lowest (interest on principal only) | Can rise if you buy out, since residual value is added |
| Tax and insurance | Paid by the owner | Usually by the user, per contract |
Worked example (40,000,000 KRW vehicle, 36 months)
Example 1. Loan — 40,000,000 KRW vehicle, 10% down payment (4,000,000 KRW), 5.9% annual rate, 36 months, equal payments.
- Financed principal = 40,000,000 − 4,000,000 = 36,000,000 KRW
- Monthly payment ≈ 1,093,559 KRW
- Total interest 3,368,124 KRW, total paid including down payment 43,368,124 KRW
Example 2. Lease — same price and term, 30% deposit (12,000,000 KRW), 50% residual value (20,000,000 KRW), 6.5% annual rate.
- Monthly payment ≈ 656,313 KRW, total lease payments 23,627,268 KRW
- Total buyout cost at maturity = total lease payments + residual value = 43,627,268 KRW
- Total cost if returned 23,627,268 KRW (the 12,000,000 KRW deposit is refunded separately)
Under the same conditions, a lease you plan to return has the lowest total cost, while a loan gives you immediate ownership at the highest total cost.
At lease-end: return or buy out
If you plan to keep driving the car, buying out is often better: your deposit is applied toward the purchase, and you avoid the upfront costs (registration, taxes) of a new contract.
If you plan to switch cars every few years, returning is simpler: you hand back the vehicle at no extra cost and get your deposit back before starting a new contract. Check the contract's mileage and condition limits beforehand, since exceeding them can trigger penalty fees.