Car Affordability Calculator: Work Out the Numbers First
Money choices feel clearer with numbers in front of you. This calculator turns a few inputs into a simple estimate you can compare and plan around.
What is the Car Affordability Calculator?
It caps the monthly payment at 15 percent of monthly income minus existing monthly debts, then adds your down payment to the total you could borrow over the loan term. All figures here are estimates: check current rules and rates before acting on them.
How to use it
- Enter your numbers.
- Check that each figure looks right.
- Click Check What I Can Afford and read the result.
Worked example
With $4,000 income, $300 debts, a $3,000 down payment, and 48 months, the monthly budget is $300, the max loan is $14,400, and the max car price is $17,400 as an estimate before interest.
What car price can I afford on $4,000 a month?
At a 15 percent payment cap minus $300 of debts, the monthly budget is $300, which over 48 months plus a $3,000 down payment gives about $17,400 before interest.
Frequently asked questions
Are these figures exact?
No. They are estimates based on the numbers you enter. Rules, rates, and charges change, so check current rules before making a financial decision.
What should I do with this estimate?
Use it to compare options and plan your next step, then confirm the final figure with the provider, lender, or adviser involved before committing money.