Find affordable car price from monthly budget, down payment, trade-in, rate and term — see loan amount and total cost.
Find affordable car price from monthly budget, down payment, trade-in, rate and term — see loan amount and total cost.
Enter values above and click Calculate — results will appear here with the formula explained.
This inverts the loan payment formula: given affordable monthly payment, rate and term, it finds the loan amount that fits that payment, then adds down payment and trade-in for affordable car price.
It models principal & interest only; insurance, tax and fees are not included — subtract them from budget for stricter price.
This inverts the 15/20/4 rule (20% down, 4-year term, payment <10-15% of take-home) and 28/36 adapted for cars. It excludes insurance ($100-300/mo), gas, maintenance and loan fees which add 30-50% to ownership cost. Use Edmunds True Cost to Own for full ownership before deciding.
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This inverts the loan payment formula: given affordable monthly payment, rate and term, it finds the loan amount that fits that payment, then adds down payment and trade-in for affordable car price. Formula: Affordable loan = payment * ((1+r)^n -1)/(r*(1+r)^n); Price = loan + down + trade
Car Affordability Calculator computes find affordable car price from monthly budget, down payment, trade-in, rate and term — see loan amount and total cost. Formula: Affordable loan = payment * ((1+r)^n -1)/(r*(1+r)^n). Example: With $500/mo budget, $5k down, $8k trade-in at 6.
Find affordable car price from monthly budget, down payment, trade-in, rate and term — see loan amount and total cost. Formula: Affordable loan = payment * ((1+r)^n -1)/(r*(1+r)^n); Price = loan + down + trade
| Field | What to enter |
|---|---|
| Monthly budget ($) | e.g. 500 |
| Down payment ($) | e.g. 5000 |
| Trade-in value ($) | e.g. 8000 |
| APR (%) | e.g. 6.9 |
| Loan term (years) | e.g. 5 |
All fields use the exact formulas shown below — results include step-by-step breakdowns you can verify by hand.
This inverts the loan payment formula: given affordable monthly payment, rate and term, it finds the loan amount that fits that payment, then adds down payment and trade-in for affordable car price.
It models principal & interest only; insurance, tax and fees are not included — subtract them from budget for stricter price.
This inverts the 15/20/4 rule (20% down, 4-year term, payment <10-15% of take-home) and 28/36 adapted for cars. It excludes insurance ($100-300/mo), gas, maintenance and loan fees which add 30-50% to ownership cost. Use Edmunds True Cost to Own for full ownership before deciding.
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With $500/mo budget, $5k down, $8k trade-in at 6.9% for 5 years, affordable loan is about $25,400, so car price about $38,400.
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