Car Affordability Calculator — Calculate How Much Car You Can Afford

Car Affordability Calculator

Calculate how much car you can afford based on your income, expenses, down payment, and loan terms. Estimate monthly payments and total cost.

Step 1: Financial Details

Budget Guidelines

Financial experts recommend keeping your total monthly car payment (including insurance) below 15% of your monthly take-home pay for optimal affordability.

Step 2: Loan & Car Details

60 months
5.5%

Affordability Results

Summary
Payment Schedule
Affordability Analysis

Estimated Monthly Payment

$478.56
Based on $25,000 car with 20% down payment
Total Loan Amount
$20,000
Total Interest Paid
$2,913.60
Total Cost of Car
$27,913.60
Budget Available
$600

Affordability Status: Within Budget

Your estimated monthly payment is within the recommended 15% of your monthly income. This car appears affordable based on your financial situation.

Amortization Schedule

Year Monthly Payment Principal Paid Interest Paid Remaining Balance

Affordability Comparison

Monthly Income
$4,000
Monthly Expenses
$2,500
Disposable Income
$1,500
Car Payment % of Income
12%

Financial Recommendations

To maintain healthy finances, experts recommend:
1. Keep total car payment below 15% of monthly income
2. Maintain at least 3-6 months of emergency savings
3. Put at least 20% down payment to avoid being upside down on loan

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