Car Affordability Calculator
Find out how much car you can afford based on your target monthly payment, interest rate, loan term, down payment, trade-in and estimated taxes.
Enter Your Budget
Adjust the values below to estimate your affordable vehicle price.
Sales-tax treatment of trade-ins, rebates and fees varies by state. This calculator provides an estimate only.
How This Car Affordability Calculator Works
The calculator first estimates how much you can finance from your target monthly payment, APR and loan term. It then considers your down payment, trade-in equity, rebate, estimated sales tax and fees to estimate the maximum vehicle price that may fit your budget.
How to Use Our Car Affordability Calculator
Our Car Affordability Calculator helps you estimate how much vehicle you may be able to afford based on the monthly payment that fits your budget. Enter your target monthly payment, interest rate (APR), loan term, down payment, trade-in value, amount owed on your trade-in, sales tax, and additional fees. The calculator will estimate the maximum vehicle price based on the information you provide.
What Determines How Much Car You Can Afford?
Car affordability depends on more than the advertised price of a vehicle. Your interest rate, loan length, down payment, trade-in equity, taxes, and fees can all affect the amount you finance and your estimated monthly payment. A higher down payment may reduce the amount that needs to be financed, while a higher APR can increase borrowing costs.
Monthly Payment
Start with a monthly payment that fits comfortably within your budget. Remember that the loan payment is only one part of vehicle ownership costs. Insurance, fuel, maintenance, registration, parking, and repairs may also need to be considered.
Interest Rate and Loan Term
The APR and loan term can significantly affect affordability. A longer loan term can reduce the monthly payment, but it may increase the total interest paid over the life of the loan. Comparing different rates and terms can help you understand these trade-offs before choosing financing.
Down Payment and Trade-In
A larger down payment or positive trade-in equity can reduce the amount you need to borrow. If you still owe money on your trade-in, the remaining balance may affect the financing calculation depending on how the transaction is structured.
Compare Your Financing Options
After estimating your affordable vehicle price, use our Car Loan Interest Calculator to estimate borrowing costs at different interest rates. You can also use our Car Loan Finance Calculator to estimate monthly payments, total interest, and the total amount paid over the loan term.
Important Considerations
Calculator results are estimates and should be used for informational purposes only. Actual vehicle prices, interest rates, taxes, fees, lender requirements, trade-in values, and financing terms may differ. For consumer information about vehicle financing, you can also review resources from the Federal Trade Commission.
Before agreeing to a vehicle purchase or financing contract, review the actual terms provided by the dealer or lender and consider your complete transportation budget.
