A lease payment and a finance payment are not directly comparable
A lease normally pays for the use of a vehicle over a defined term. Financing pays toward ownership. That means a lease can have a lower monthly payment while a financed vehicle may leave you with an asset and equity at the comparison date.
This calculator compares cash paid over the same number of months and then subtracts estimated vehicle equity from the finance side. Equity is calculated as expected vehicle value minus the remaining loan balance. This creates a more useful comparison than monthly payment alone.
Important costs that can change the answer
Lease mileage charges, excess wear, disposition charges, tax treatment, maintenance coverage and purchase-option pricing can materially affect a lease. Financing can involve different maintenance costs, repair exposure and resale uncertainty. Add known fees to the inputs and treat the output as a scenario, not a guarantee.
Also be careful with large lease down payments. Unlike equity in a purchased vehicle, a large capital-cost reduction on a lease generally does not create an ownership stake. Compare offers using the total cash required, not just the advertised monthly number.
The finance option may create several thousand dollars of equity by month 36. The calculator accounts for that value instead of comparing only $499 versus $650.