How Much Car Can I Afford?
Free Auto Loan & Refinance Calculators 2026
Enter your income, expenses and loan terms to find your safe car budget. Then see if refinancing your current auto loan saves you money.
Updated June 2026 · Data sourced from Edmunds & Consumer Financial Protection Bureau
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🚗 Car Affordability Calculator
Find the maximum car price you can safely afford based on your monthly income, existing debt, and loan terms. Results update live as you type.
Your Results
Press Ctrl+P to printMax Affordable Car Price
$0
including tax & fees
Est. Monthly Payment
$0
safe budget (15% DTI)
Suggested Budget Range
$0 – $0
80% – 100% of max
Est. Tax & Fees
$0
sales tax + registration
Estimated Payoff Date
—
based on loan start date
Total Interest Paid
$0
over life of loan
Your max safe monthly payment is $0 (15% of monthly income minus existing debt).
Car Payment vs. Income (DTI)
Principal vs. Interest
Loan Balance Over Time
| Mo | Date | Payment | Principal | Interest | Balance |
|---|
🔄 Auto Refinance Break-Even Calculator
See if refinancing your current auto loan saves you money. Calculate your monthly savings, break-even point, and total interest savings.
Your Refinance Results
Current Monthly Payment
$0
New Monthly Payment
$0
Monthly Savings
$0
Break-Even Point
—
months to recover fee
Total Interest Savings
$0
over life of loan
Net Savings (after fee)
$0
More Auto Loan Calculators
Explore our full suite of free car financing tools.
New vs. Used Cost Comparison
Compare 5-year total cost of new vs. used cars including depreciation, maintenance, and gas.
Car Lease Calculator
Calculate monthly lease payments, money factor, and residual value.
Trade-In Equity Calculator
Find out how much equity you have in your current car.
Auto Refinance Calculator
Detailed refinance analysis with amortization schedule.
State Sales Tax Calculator
Calculate auto sales tax for all 50 states.
🆚 New vs. Used vs. Lease — 5-Year Cost Comparison
See the total 5-year cost of each option. Assumes 12,000 miles/year, 60-month loan for purchase options.
| Factor | New Car (Purchase) | Used Car (Purchase) | Lease |
|---|---|---|---|
| Down Payment | $3,000 – $5,000 | $1,000 – $3,000 | $0 – $3,000 |
| Monthly Payment | Higher (new car loan) | Lower (smaller loan) | Lowest (often 30–40% lower) |
| Maintenance (5 yr) | $3,000 – $5,000 (warranty covers some) | $6,000 – $10,000 (out of warranty) | $0 – $500 (warranty + lease terms) |
| Depreciation | ~20% first year, then ~15%/yr | Slower (already depreciated) | No equity built |
| Mileage Limit | None | None | Usually 12K/yr (fees for excess) |
| Total 5-Year Cost | Purchase price + interest + maintenance | Purchase price + interest + higher maintenance | 60 lease payments + fees (no equity) |
| Best For… | Long-term ownership (7+ yrs) | Best overall value (2–6 yr ownership) | Drivers who like new cars every 3 yrs |
Frequently Asked Questions
Financial experts recommend the 20/4/10 rule: put at least 20% down, finance for no more than 4 years, and keep total car expenses (payment, insurance, gas, maintenance) under 10% of your gross monthly income. Our calculator uses a 15% cap on just the monthly payment relative to your income, which is a conservative and safe guideline.
In 2026, borrowers with a FICO score of 720+ typically qualify for the best auto loan rates (around 5–7% APR for new cars). Scores between 690–719 get near-prime rates (7–9%). Subprime borrowers (580–629) may pay 12–18% APR. We recommend checking your score before applying and shopping around for the best rate.
Refinancing is worth it if you can lower your APR by at least 2 percentage points and you plan to keep the car past the break-even point (refinance fee ÷ monthly savings). Our calculator shows your exact break-even month. If you break even within 12–18 months, refinancing is usually a smart move.
We calculate your maximum affordable car price by: (1) Taking 15% of your monthly after-tax income, (2) Subtracting your existing monthly debt payments, (3) Using that maximum monthly payment to work backward to the loan amount based on your interest rate and loan term, (4) Adding your down payment and trade-in value, and (5) Backing out estimated sales tax and fees. The result is the highest car price you can safely afford.
Leasing typically offers lower monthly payments and lets you drive a new car every 2–3 years, but you build no equity. Buying builds equity and has no mileage limits, but monthly payments are higher. Leasing makes sense if you drive less than 12,000 miles/year and like driving newer models. Buying is better if you keep cars for 6+ years or drive a lot.
As of 2026, the following states do not charge state sales tax on vehicle purchases: Alaska, Delaware, Montana, New Hampshire, and Oregon. However, you may still pay local fees, registration, or documentation charges. Check our State Guides for detailed tax info in your state.
Disclaimer: These calculators provide estimates for educational purposes only. Actual loan terms, rates, and taxes vary by lender, state, and individual credit profile. Always consult with a qualified auto finance professional before making financing decisions. Data sources: Edmunds, NADA Guides, Consumer Financial Protection Bureau.