Car Loan Affordability Calculator
Plug in your household income, other monthly debt, and loan assumptions to see the largest car payment that keeps your debt-to-income ratio on target. We'll convert that into an estimated car price based on your down payment.
How to use this tool
- Gross annual incomeEnter your household income before taxes. The calculator uses it to determine an affordable payment.
- Current monthly debt paymentsList the total of other required monthly debts—student loans, credit cards, etc.—to protect your debt-to-income ratio.
- Loan termPick how many months you plan to finance the vehicle. Longer terms lower the payment but cost more in interest.
- Loan APR (%)Enter the expected annual percentage rate from your lender. Leave the default if you're estimating.
- Cash down paymentAdd the cash you can put down at purchase. It reduces the amount you need to finance.
- Trade-in valueIf you're trading in a vehicle, enter the equity you'll apply after paying off any existing loan.
- Target share of monthly incomeSet the percentage of gross income you want to allocate toward the new car payment.
- Sales tax rateEnter your local auto sales tax percentage so the estimated vehicle price includes taxes.
Click Estimate car budget to see the recommended payment, maximum loan amount, and target vehicle price. Reset clears the form.
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