Layaway Plan Calculator

The Layaway Plan Calculator allows you to calculate the item price, tax, fee and total costs of a product(S) when using a Layaway Payment Plan.

Layaway Plan Calculator
Price:
Sales Tax: %
Service Fee:
Down Payment: %
Number of Additional Payments:
Service Fee In:
Layaway Plan Calculator Results
Price:250.00
Tax:37.50
Fee:25.00
Total Cost:312.50
Total Down Payment of:23.00
plus 4 Payments of:57.90
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How does layaway work?

Layaway plans allow consumers to purchase goods and spread the costs of paying for the goods over a period of time without applying interest though there will typically be a service fee paid to cover the administrative costs of facilitating the Layaway Plan.

  1. Consumer agrees Layaway Plan with Retailer
  2. Retailer withholds goods from sale
  3. Consumer makes regular repayments or lump sum payment(s)
  4. Payment of Layaway Plan made in full
  5. Retailer releases goods to the consumer

What is layaway plan?

A layaway plan is a financial agreement which allows consumers to pay for goods over a period of time to pay for a specific product. The retailer then holds the goods until full payment is made on the Layaway plan. Payments are made on a periodic basis or via lump sum by the consumer to the retailer until the goods are paid for in full, at this point the consumer can collect the goods.

Can I Cancel my Layaway Plan?

Layaway Plans should contain an exit clause and the retailer will normally credit back all payments made minus the service fee charged for the setup of the Layaway plan. You should always check the terms and conditions of the Layaway Plan before agreeing to and signing The Layaway Plan Agreement policy.

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