How Much Car Can I Afford?
Calculate how much car you can afford based on your income and the 15% rule.
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Formula
Max monthly payment = Monthly gross income × 15% — includes principal + interestThe 15% Rule
Financial experts recommend your car payment should not exceed 15% of your monthly gross income. This calculator uses that rule along with your down payment, interest rate, and loan term to find the maximum car price you can comfortably afford.
Frequently Asked Questions
What's the 15% rule for car buying?
Your total car payment (including insurance) shouldn't exceed 15% of your monthly gross income. Some say 10% for aggressive savings.