Buying tool
Car affordability calculator
Enter the monthly payment you can carry, your down payment, the term and the APR to back into the amount you can finance and a reference vehicle price — with sales tax and fees estimated on top.
Reference vehicle price
$36,110
Taxes and fees paid upfront
At $550/mo, $8,000 down, 60 months and 6.5% APR: $28,110 financed, a $36,110 reference price and $12,673 due at signing.
| Amount you can finance | $28,110 |
|---|---|
| Down payment | $8,000 |
| Reference vehicle price | $36,110 |
| Taxes and fees (est.) | $4,673 (sales tax $2,528 · destination, fees & insurance $2,145) |
| Cash due at signing | $12,673 |
| Total interest | $4,890 |
| Total outlay | $45,673 |
Payment sensitivity: ±20% reference prices
Three payment tiers are calculation scenarios, not a loan approval — the real rate and amount depend on lender underwriting.
| Monthly | Reference price | |
|---|---|---|
| Tight −20% | $440 | $30,488 |
| Current budget | $550 | $36,110 |
| Loose +20% | $660 | $41,732 |
Estimated taxes and fees exceed the financed pool by about $0, so the price backs out to $0 and no total is shown — raise the down payment, switch to paying fees upfront, or re-check the fee inputs.
This page runs amortization scenarios for budgeting only — it is not a loan approval or a rate offer; your real APR and amount depend on the lender.
How it is calculated
Amount financed = monthly budget × (1 − (1 + monthly rate)^−months) ÷ monthly rate — the same amortization formula as the loan-quote tool, solved backwards. At 0% APR it is simply budget × months.
Paid upfront: reference price = amount financed + down payment; cash due at signing = down payment + taxes and fees. Rolled into the loan: reference price = amount financed + down payment − taxes and fees, so the fees accrue interest; cash due = the down payment. Each fee is counted once either way.
Taxes and fees scale with the reference price: sales tax on the vehicle price at your entered state-plus-local rate (7% is a starting assumption, not a lookup — set your own), plus destination, registration/title/doc, first-year EV surcharge and first-year insurance when entered. Tax on the destination fee and other state quirks are not modeled.
Use the APR on the contract. A flat 'rate' that charges interest on the original principal is roughly ×1.8 when converted to a real APR.
How to fill each field
- Monthly budgetSet the payment before shopping: what is left after housing, essentials and savings — not the maximum a lender will quote.
- Down paymentEnter only the cash aimed at the vehicle price. If your cash has to cover taxes and fees too, subtract the estimate below first.
- Fees in the loanRolling fees into the loan is the classic 'low money down' structure: the fees accrue interest and shrink the car you can buy at the same payment.
- InsuranceFull-coverage insurance is required by lenders and varies widely by driver and state — enter a real quote; at 0 it is left out so the other numbers stay conservative.
FAQ
How much car can a $550 monthly payment buy?
At 6.5% APR over 60 months with $8,000 down, the payment supports about $28,100 financed — a reference vehicle price near $36,100 before taxes and fees. Stretching to 72 months raises the financed amount to about $32,900 but roughly doubles the interest.
What is the difference between the down payment and cash due at signing?
The down payment is only the cash aimed at the vehicle price. Sales tax, registration, doc fees and any EV surcharge need money too: paid upfront, the cash due is down payment plus fees; rolled into the loan, they come out of the amount financed and accrue interest.
Is rolling taxes and fees into the loan a good idea?
It lowers the cash due at signing but the fees accrue interest and eat into the amount financed, so the same monthly payment buys a cheaper car. Compare both scenarios' cash due and total outlay before deciding.
Is the reference price what a lender will approve?
No. This page runs the amortization formula as a scenario; approval depends on the lender's underwriting — income, credit and down-payment ratio — and the contract APR.
Why is the reference price not the out-the-door price?
It is the vehicle price only. Sales tax, destination, registration and the EV surcharge sit on top — this page estimates them once and lists them under 'taxes and fees'; run a specific price through the out-the-door calculator for the full figure.