myUSFinance

1. Enter your Miles Driven Per Month — This value represents your miles driven per month
2. Enter your Fuel Efficiency (MPG) — This value represents your fuel efficiency (mpg
3. Enter your Fuel Price (USD per gallon) — This value represents your fuel price (usd per gallon
4. Enter your Calculate for — This value represents your calculate for
5. Click Calculate — Review your results in the output section below the form. The calculator instantly computes all values based on your inputs.
6. Adjust and Compare — Modify any input to see how changes affect the result. Try different scenarios to find the optimal approach for your situation.

All calculations are performed instantly in your browser. Your data is never sent to any server or stored anywhere — your financial information remains completely private.

Where:

• Distance — Trip distance or annual mileage in miles
• Fuel Efficiency — Vehicle fuel economy in miles per gallon (MPG)
• Price per Gallon — Current fuel price in dollars per gallon

Worked Example

Annual driving: 15,000 miles. Vehicle: 25 MPG. Gas price: $3.50/gallon. Annual fuel cost = (15,000 / 25) × $3.50 = 600 × $3.50 = $2,100. Cost per mile = $3.50 / 25 = $0.14/mile.

Limitations and Assumptions

Actual fuel economy varies based on driving conditions: city driving uses 20-40% more fuel than highway driving. Air conditioning, vehicle load, tire pressure, and driving speed all affect MPG. The EPA estimates listed on new vehicles are based on standardized test cycles and may not reflect your actual driving patterns.

Understanding the following key concepts will help you interpret your results and make better financial decisions:

• Principal — The initial amount of money involved in the calculation, whether it is a starting balance, loan amount, or investment.
• Interest Rate — The percentage charged or earned on the principal amount, typically expressed as an annual rate (APR). This rate determines how quickly your money grows or how much borrowing costs.
• Compounding — The process of earning interest on previously earned interest. More frequent compounding (daily vs. monthly vs. annually) results in higher effective returns or costs.
• Time Horizon — The length of time over which the calculation applies. Longer time horizons amplify the effects of compounding and small differences in rates.
• Present Value vs. Future Value — Present value is what money is worth today; future value is what it will be worth at a specific point in the future, accounting for growth or inflation.

These concepts form the foundation of virtually all financial calculations. Understanding how they interact helps you evaluate any financial product or decision with confidence.

Let's compare vehicle ownership costs for a typical scenario.

Scenario: David is deciding between buying a new car and a certified pre-owned (CPO) vehicle:

New 2024 Honda Accord: $30,000 purchase price, financed at 5.9% for 60 months. Monthly payment: $579. After 5 years, estimated value: $13,500 (55% depreciation). Total cost of ownership including fuel, insurance, and maintenance: approximately $48,000.

CPO 2021 Honda Accord: $22,000 purchase price, financed at 6.5% for 48 months. Monthly payment: $522. After 4 years (at 7 years old), estimated value: $8,800 (60% of purchase). Total cost of ownership: approximately $36,500.

The CPO option saves David approximately $11,500 over the ownership period while providing essentially the same transportation utility. The new car offers the latest features and a longer warranty period, but the CPO vehicle — already past its steepest depreciation years — provides better overall value. This calculator helps quantify these trade-offs with your specific numbers.