Auto Loan Calculators
Car Affordability Calculator
Work out the car price you can comfortably afford from a monthly budget, deposit, trade-in and the rate you are offered.
Car price you can afford
$22,007
- Amount financed
- $15,007
- Loan payment
- $300.00
- Total interest
- $2,993
How this calculator works
Loan = available payment × (1 − (1 + r)^−n) ÷ r, then add deposit and trade-in
- available payment
- your budget less insurance and running costs
- r
- the monthly interest rate
- n
- the number of monthly payments
Example calculation
Illustrative example — not advice
Worked example — the car affordability calculator as it loads, using the default figures below.
- 01Enter monthly budget: $450.
- 02Enter deposit: $4,000.
- 03Enter trade-in value: $3,000.
- 04Enter interest rate: 7.4%.
- 05Enter loan term: 5 years.
- 06Enter insurance and running costs: $150.
- 07Read the car price you can afford from the results panel: $22,007.
Car price you can afford: $22,007. Amount financed: $15,007. Loan payment: $300.00. Total interest: $2,993.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Insurance, fuel, tax and maintenance often add 30–50% to the payment.
- Longer terms raise affordability but risk negative equity.
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- Auto Loan Payoff CalculatorEarly payoff date and interest saved.
- Car Depreciation CalculatorVehicle value year by year.
- Auto Refinance CalculatorSavings from refinancing a car loan.
- Cost Per Mile CalculatorThe true cost of every mile you drive.
Terms used here
Frequently asked questions
How much of my income should a car take?
A common guide keeps total transport costs, not just the loan, under 15% of take-home pay.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01