Car Affordability Calculator
Enter your income, down payment and loan details to see the most you should spend on a car. It works for new and used cars.
How this works
We take your chosen share of income (10% is the classic guideline) and turn it into a monthly budget for all car costs. After subtracting insurance, fuel and maintenance, what is left is the payment you can afford. We then work out the loan that payment supports over your loan length and add your down payment to get a maximum price.
The 20/4/10 rule suggests 20% down, a loan of four years or less, and total car costs near 10% of gross income. Read more: How much should you spend on a car?
Keep in mind
Sales tax, registration and dealer fees come on top of the price, and your actual interest rate depends on your credit. Treat the result as a ceiling, not a target.
Results are estimates based on the numbers you enter. See our disclaimer.
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