Automotive / Vehicle Ownership
Car Affordability Calculator
Your Financial Situation
Before taxes
Minimum 10-20% recommended
Loan Details
Check current rates
Estimated Operating Costs
Get quote from insurer
Average: 12,000-15,000
How to Use This Calculator
Determine how much car you can realistically afford based on your income and expected costs. This calculator uses the 20% rule - your total car expenses should not exceed 20% of monthly income.
The 20% Rule Includes:
- Monthly loan or lease payment
- Auto insurance
- Fuel costs
- Maintenance and repairs
Alternative: 20/4/10 Rule
- 20% down payment
- 4-year loan maximum (avoid 6-7 year loans)
- 10% of gross income on payment only (not including other costs)
Recommendation: If you can't afford at least a 10% down payment and a 4-year loan, you're buying too much car. Consider a less expensive vehicle or save more first.
Use this car affordability calculator to compute vehicle ownership results from your inputs.