2026 EV Loan Interest Deduction Calculator
Under the 2026 OBBBA, the one-time $7,500 EV tax credit is replaced with a recurring annual loan interest deduction of up to $10,000/year. Calculate your annual and total tax savings over the life of your EV loan and compare it to the old credit.
Inputs
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Results
First Year Tax Savings
$592.51
Total Tax Savings
$1,722.29
Old $7,500 Credit
$7,500.00
Net Advantage
$-5,777.71
Annual Tax Savings by Year
New Deduction vs Old Credit
Year-by-Year Breakdown
| Year | Interest Paid | Deductible (max $10K) | Tax Savings | Balance |
|---|---|---|---|---|
| 1 | $2,693.21 | $2,693.21 | $592.51 | $37,127.49 |
| 2 | $2,165.97 | $2,165.97 | $476.51 | $28,727.74 |
| 3 | $1,603.43 | $1,603.43 | $352.75 | $19,765.45 |
| 4 | $1,003.21 | $1,003.21 | $220.71 | $10,202.93 |
| 5 | $362.79 | $362.79 | $79.81 | $0.00 |