Auto Loan and Car Affordability Calculator
Work out your monthly car payment, or flip it around and see the sticker price you can afford on a payment that fits your budget.
How the Calculator Works
Your monthly car payment comes from three things: the amount you borrow, your interest rate, and the number of months you pay. The amount you borrow is the vehicle price plus sales tax, minus your down payment and any trade-in. This tool runs that math for you and updates the moment you change a number.
How to Use It
The calculator works two ways. On the Monthly Payment side, enter the vehicle price, your down payment, trade-in, sales tax, interest rate, and loan term, and it shows your payment. On the What Can I Afford side, start with the payment you want to make each month, and it shows the vehicle price that fits. Switch between the two with the buttons at the top.
What Changes Your Monthly Payment
| Factor | Effect on your payment |
|---|---|
| Higher vehicle price | Raises it |
| Bigger down payment or trade-in | Lowers it |
| Higher interest rate (APR) | Raises it |
| Longer loan term | Lowers the monthly payment, but adds more interest overall |
| Sales tax | Adds to the amount you finance |
A longer term is the classic trade-off. Going from 60 to 72 months shrinks the monthly number, but you pay interest for more months, so the car costs more in total. These results are a planning estimate, not a loan offer.
Frequently Asked Questions
How is a car loan payment calculated?
It is based on the amount you finance, your interest rate, and the loan term in months. The calculator spreads the loan plus interest evenly across every month, so you get one fixed payment.
What is a good APR for a car loan?
It depends on your credit, the lender, and whether the car is new or used. Rates shift over time, so compare a few offers and use the number from a real quote when you can. Treat the rate here as an estimate.
How does the loan term change my payment?
A longer term lowers the monthly payment because you spread the balance over more months. The trade-off is more interest paid across the life of the loan, so the total cost goes up.
How much should I put down on a car?
More money down means a smaller loan and a lower payment. A common guideline is around 20 percent on a new car, but any amount helps. Use the calculator to see how different down payments change your number.
Does a trade-in lower my payment?
Yes. Your trade-in value comes off the amount you finance, the same way a down payment does, which lowers the monthly payment.
How much car can I afford?
Switch to the What Can I Afford side and enter a monthly payment you are comfortable with. The tool works backward to show the vehicle price that fits. Leave room in your budget for gas, insurance, and upkeep too.