Car Affordability Calculator

Find out how much car you can afford based on your income and financial situation

Annual Income (Before Taxes)

$

$10k $300k+

Down Payment

$

$0 $50k+

Loan Term (Years)

years

1 yr 8 yrs

Interest Rate (%)

%

0% 20%

Monthly Debt Payments

$

$0 $5k+

Your Car Budget

$28,500

Maximum affordable car price

Estimated Monthly Payment: $438

Debt-to-Income Ratio: 28%

Financial Health Indicators

Debt-to-Income Ratio Good

0% 36% 43%+

Car Payment % of Income Good

0% 10% 15%+

Good: Financially healthy range

Caution: Approaching maximum recommended

Warning: Exceeds recommended guidelines

Car Buying Tips

20/4/10 Rule

20% down payment, 4-year loan term, and payments under 10% of monthly income

Total Cost of Ownership

Remember to budget for insurance, maintenance, fuel, and depreciation

Negotiate the Total Price

Focus on the out-the-door price, not just the monthly payment

This calculator provides estimates only. Consult with a financial advisor for personalized advice.

How to Use This Car Affordability Calculator

Step 1: Enter your Annual Income using the slider or input box. This should be your income *before taxes.*
Step 2: Input your Down Payment amount — how much you plan to put down upfront for the car.
Step 3: Choose your Loan Term in years. A shorter term means higher payments but less interest.
Step 4: Enter your estimated Interest Rate. You can get this from your lender or estimate based on your credit score.
Step 5: Add your existing Monthly Debt Payments such as rent, loans, or credit cards. This helps calculate your debt-to-income ratio.
Step 6: Click Recalculate to update your results based on your inputs.
Step 7: Review your Maximum Car Budget and estimated monthly payment. Use the financial health bars to assess if your decision is in a safe range.
Step 8 (Optional): Click “Save as Image” to download your personalized results to keep or share.

This calculator is for informational purposes only and should not be considered financial advice. Always consult a licensed advisor before making major purchases.