How Much Car Can I Afford? Free Calculator

September 29, 2026 · 1 min read · By the DollarWise team

Car dealers are happy to sell you a car you can’t afford — this free calculator keeps them honest. Using the widely recommended 15% rule (total car costs under 15% of take-home pay), it works backward from your income to a price range that won’t wreck your budget.

Monthly take-home income Monthly debt payments (excluding any car payment) Down payment / trade-in value Loan term Expected APR (%)

The 15% rule in plain English

Add up your loan payment, insurance, fuel, and maintenance. If the total is more than 15% of your take-home pay, the car is too much — no matter what the dealer says your monthly payment can be. A longer loan term lowers the payment but raises the total cost.