Car Affordability Calculator
Find out how much car you can afford from your monthly budget, interest rate, loan term, and down payment. Free and accurate.
- Max car price
- 23690.22
- Max loan
- 20690.22
How to use
- Enter the monthly payment you can comfortably afford.
- Enter the annual interest rate and loan term in months.
- Add your down payment to see the max car price and loan you qualify for.
Examples
- $400/mo at 6% / 60 mo, $3,000 down:
max price $23,690.22 - Max loan only:
$400/mo → loan $20,690.22
FAQ
- How is the maximum car price calculated?
- The tool finds the largest loan your monthly budget can support at the given rate and term, then adds your down payment. Max price = max loan + down payment.
- What is the max loan amount?
- It is the present value of your monthly payments — the largest principal that amortizes to exactly your monthly budget over the loan term.
- Should I spend my whole budget on the payment?
- No. Remember to leave room for insurance, fuel, maintenance, and registration, which are not included in the loan payment.