GuidesThe month1 min
The whole month · Lesson 4 of 10
Do not count the car loan twice
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The car form includes the loan payment. If that same payment is also a debt row, say so. The month then keeps the loan once.
How the double count happens
The car total is the loan payment plus insurance, registration, maintenance, and fuel. The debt total includes every minimum. Listing the car loan in both places puts the payment in the month twice.
Leftover would be too low by exactly that payment.
The switch
When both a car price and a debt balance exist, you can say the car loan is already in the debts. The car slice is then labeled as upkeep and includes only the ownership costs. The payment stays in the debt slice.
Leave the switch off when the debt list is cards and other loans, and the car loan lives only on the car form.
One payment, one row
The switch does not check that the debt minimum equals the car payment. You are responsible for listing the loan once. If the amounts differ, fix the row or the car form until they describe the same loan.
An old car’s loan that is only in debts, while the car form prices a new car, should leave the switch off.
This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.
More in The month
- Car upkeep when the loan is already a debtUpkeep is insurance, registration, maintenance, and fuel. The loan payment stays on the debt tile.
- The PMI date on the monthWhen PMI is in the housing payment, the month names when you can ask to remove it. That is 80% of the original price.
- Payoff dates under the monthThe car loan end date and each debt’s end date sit under the month, next to the PMI line when that exists.