Car Budget Calculator
Calculate your monthly car payment and total cost with our comprehensive calculator. Determine your car budget based on price, loan terms, interest rate, and additional costs.
Step 1: Car Details
Understanding Your Budget
A typical down payment is 10-20% of the car’s price. Consider your monthly budget carefully – experts recommend car payments should not exceed 15% of your monthly income.
Step 2: Loan Details
About Interest Rates
Interest rates vary based on credit score, loan term, and lender. Shorter loan terms typically have lower rates. Good credit scores (700+) usually qualify for the best rates.
Monthly Payment Results
Estimated Monthly Payment
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Total Cost |
|---|
Cost Breakdown
Monthly Payment Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P = Loan Principal, r = Monthly Interest Rate (annual rate ÷ 12), n = Number of Payments (loan term in months). This is the standard formula for calculating loan amortization payments.
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