Car Affordability Calculator
How Much Car Can I Afford?
Personalize Your Loan
Unlock your car buying potential by estimating affordable monthly payments tailored to your financial situation.Your Trade-In Details
Select your trade-in vehicle to get its KBB.com value or input a price below.Estimated Car Price
$18,561.75
Est. Estimated Total Financed
$18,561.75
Est. Estimated Total Interest
$6,638.25
Est. Estimated Total Loan
$25,200.00
*Estimated payments and terms shown here are for informational purposes only and do not constitute an actual offer or commitment to lend by a lender. These estimates do not include tax, registration fees, lien fees, or any other fees that may be imposed by a governmental agency in connection with the sale and financing of the vehicle.
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Car Affordability Calculator
What does a car affordability calculator do?
A car affordability calculator turns a car loan calculator on its head. A loan calculator begins with a car's purchase price as the premise and works toward a monthly payment by adding sales tax, license, and document fees, then arriving at a payment amount according to the interest rate and term you supply. The affordability calculator uses the same variables but in reverse order. You enter your desired monthly payment (the amount you can afford) and fill in the known variables, like tax rate, license and document fees, interest rate, and loan term. The calculator computes the price of the car you can afford within those parameters.
How much can I afford per month?
The current wisdom from personal finance advisers is to limit your monthly car budget to less than 20% of your take-home pay. A car budget includes your car payment, insurance, fuel, maintenance, and repairs. Learn about the cost to own evaluation to help calculate this budget. Curious to see how a car's value will change over time? Use our depreciation calculator.
Beyond price, what factors affect affordability?
Beyond price, loan interest rate and term are the two significant factors affecting affordability. Higher interest rates result in higher monthly payments, while longer terms result in lower monthly payments. Shop for the best loan rate you can qualify for before you go to the dealership. You may still choose to finance your car through the manufacturer or dealership, but knowing the best rate you can qualify for gives you leverage in negotiation. Choose the shortest term that results in a monthly payment you can afford since the less time you carry a loan balance, the less total interest you will pay on your car purchase. Extending your loan term may lower your monthly payment but will increase your total cost of ownership. For more information, see Can I Afford a Car in 2023?
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Financing Tips: Affordability
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