Layaway Plan Calculator

About this Calculator

Online calculator to calculate the layaway plan down payment and additional payment amounts you will owe for the merchandise.

Layaway plans have recently seen a resurgence in popularity among stores like Sears and KMart.  Even some Apple stores have been offering layaway plans on computers and some online stores provide layaway plans.

Layaway Calculations:

Assume you want to purchase a gift in a jewelry layaway plan.  The item you want to purchase will cost $250 plus 6% sales tax equal to $15 (calculator online for sales tax).  A total price of $265.00.  Additionally you will pay a $10 layaway plan fee, the jewelry seller requires a 25% deposit, and you will pay off the balance owed plus the fee with 4 additional payments.

Your down payment will be $265 x 25% = $66.25.

The balance you owe on the plan will be the price plus the fee minus the deposit you paid.
Or, the balance owed is $265 + $10 - $66.25 = $208.75.

Since you are making 4 payments the payment calculation is simply $208.75 / 4 = $52.19.

For this layaway plan you make a down payment of $66.25 and 4 additional payments of $52.19.