Want to know how much your drive costs? The 62.5 cents per mile calculator is a useful tool to figure out work travel costs or planning road trip budgets. Just enter how far you drove and the rate per mile. The calculator will show you the total cost.

**What Is 62.5 Cents Per Mile?**

The 62.5 cents per mile rate is a standard reimbursement rate. Most companies use the 62.5 cents per mile rate to reimburse employees who need to drive their own cars for work tasks. Even the IRS sticks to this standard amount in the U.S. It’s meant to help cover gas, regular maintenance bills, dropping vehicle value over time, insurance, and other expenses that come with using your personal ride as part of your job.

### Calculation Formula

To calculate the total travel cost, you can use this simple formula:

`$TC=M\times R$`

**Variables**

Variable |
Description |
Unit |
---|---|---|

TC |
Total Cost | dollars |

M |
Total Miles Driven | miles |

R |
Rate per Mile | dollars per mile (0.625) |

### How to Use the Calculator

Using this calculator is straightforward. It offers two modes: **Basic Calculator** and **Advanced Calculator**. Depending on your needs, you can choose the appropriate mode.

**1. Basic Calculator Mode**

In the Basic Calculator mode, you can enter any two of the following values to calculate the third:

**Total Miles Driven (M)**: Enter the total distance you drove. For example, if you drove 150 miles, input`150`

into the “Total Miles Driven” field.**Rate per Mile (R)**: This is the rate per mile, which is typically set at $0.625. You can leave this value as is unless you are using a different rate.**Total Cost (TC)**: Enter the total cost if you already know it, or leave this field empty to calculate the cost based on the distance driven.

2. Advanced Calculator Mode

In the Advanced Calculator mode, you have additional fields to consider fuel efficiency and fuel cost:

**Total Miles Driven (M)**: Input the number of miles driven. For example, if you drove 200 miles, enter`200`

in the “Total Miles Driven” field.**Rate per Mile (R)**: This is usually $0.625 but can be adjusted if needed.**Fuel Efficiency**: Enter the fuel efficiency of your vehicle in miles per gallon. For example, if your car gets 25 miles per gallon, input`25`

.**Fuel Cost per Gallon**: Enter the cost of fuel per gallon. For example, if fuel costs $4.00 per gallon, enter`4.00`

.**Total Cost with Fuel Consideration**: This field will automatically calculate the total cost considering both the mileage rate and the fuel cost.

### How To Calculate 62.5 Cents Per Mile ?

Let’s go through two examples to see how the 62.5 Cents Per Mile Calculator works.

**Example 1: Calculating Total Cost**

For example you drove 120 miles, and you want to know the total cost using the standard rate of $0.625 per mile.

1: Use the formula:$TC=M\times R$

2: Plug in the values:$TC=120\times 0.625$

3: Calculate the total cost:$TC=75.00\text{dollars}$

`So, the total cost for driving 120 miles is`

$75.00.

**Example 2: Advanced Calculation with Fuel Costs**

Now, For example you drove 150 miles, your vehicle’s fuel efficiency is 30 miles per gallon, and the fuel costs $3.50 per gallon. You want to calculate the total cost considering both the mileage rate and the fuel cost.

**1**: First, calculate the basic cost using the mileage rate:

`$TC=150\times 0.625=93.75\text{dollars}$`

**2**: Calculate the fuel cost:

`$\text{FuelCost}=\frac{150}{30}\times 3.50=5\times 3.50=17.50\text{dollars}$`

**3**: Add the fuel cost to the basic cost:

`$\text{TotalCost}=93.75+17.50=111.25\text{dollars}$`

So, the total cost, including fuel expenses, is **$111.25**.

### Final Words

The 62.5 Cents Per Mile Calculator is a useful tool for anyone who needs to calculate travel costs based on mileage. Whether you’re calculating for reimbursement or budgeting for a road trip, this calculator simplifies the process.