Calculator
Car Affordability Calculator
Enter your income, existing debt payments, down payment, rate, term, and the debt-to-income ratio you want to stay under. The tool returns the largest car payment and vehicle price that fit that target.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: AutoLoanable may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
Lenders compare your debt payments with your income. This tool works backwards from a debt-to-income target to the largest car payment you can support.
max payment = income × max DTI ÷ 100 − other debts, and max financed = max payment × (1 − (1 + i)^-n) ÷ i
- income — gross monthly income before tax
- max DTI — the debt-to-income ratio you want to stay under
- i — the monthly rate, the annual rate divided by 1,200
- n — the loan term in months
The maximum vehicle price adds your down payment to the amount financed. Lenders also weigh credit history and the loan-to-value ratio, so treat the result as a starting point. Enter the rate you were offered.
What changes your result
Only a few inputs move the number materially. In rough order of impact:
| Input | Effect on the payment | Effect on total cost |
|---|---|---|
| Amount financed | Directly proportional | Directly proportional |
| Interest rate / APR | Directly proportional | Directly proportional |
| Term (months) | Lower payment when longer | Higher total interest when longer |
| Down payment | Lowers the payment | Lowers total interest |
| Trade-in equity | Lowers the amount financed | Lowers total interest |
| Sales tax and fees | Raises the amount financed | Raises total cost |
Enter the rate you were actually offered. This site is not a lender and does not publish rates — a quoted rate is only meaningful next to the term and the amount financed.