Car affordability calculator

Adjust the amount, rate and assumptions, then select Calculate.

Estimated car price ceiling

$10,346

Transport budget $500.00/month from exact gross annual income $60,000.00. Loan at 7.47% over 48 months.

$200.00 for the loan after $300.00 for insurance, fuel and upkeep. This is an editable budget scenario, not a lending decision.

Cash down: $2,069.12 (20%). Sales tax: 0%; check your combined local rate.
The initial $300 monthly running-cost input is an illustration; replace it with your own costs. Fees and trade-in debt are excluded.
Gross-income budgets do not subtract payroll taxes. Choose net income to use your take-home pay.

Total interest: $1,324
Total loan payments: $9,600
Interest per dollar of loan payments: 14¢

Source: Default rate: Federal Reserve G.19, May 2026 survey. An average, not an offer.

Change the numbers

Annual income ($/year)

Income basis

Gross income for guideline ($/year; optional when using net)

Total transportation budget (% of income)

Actual transport budget ($/month; overrides percentage)

Insurance + fuel + upkeep ($/month)

Other bills and debt payments ($/month)

Down payment (%)

Loan term (months)

Quoted APR (%)

State tax benchmark

Combined state/local sales tax (%)

Reset to default inputs and latest published average

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Your plan and the 20/4/10 comparison

The gross-income guideline combines 20% down, a maximum four-year loan and all transportation costs within 10% of gross income. Your own plan uses the income basis, running costs and budget you entered. Neither column is a lending decision.

Same entered interest rate and sales tax; running costs reserved inside each budget
Assumption or result	Your plan	20/4/10 with gross income
Total transport budget / month	$500.00	$500.00
Insurance, fuel and upkeep / month	$300.00	$300.00
Available loan payment / month	$200.00	$200.00
Vehicle price ceiling	$10,345.58	$10,345.58
Cash down	$2,069.12	$2,069.12
Financed sales tax	$0.00	$0.00
Amount financed	$8,276.47	$8,276.47
Interest over the loan	$1,323.53	$1,323.53
Down payment	20.00%	20%
Loan term	48 months	48 months

The gross 10% envelope is $500.00/month, capped here at the amount left after your entered bills.

A longer loan can lower the payment while increasing interest. Both columns use the same entered rate to isolate the budget and term assumptions; a lender may quote a different rate for 48 months. Fees, trade-in debt and future changes in running costs are excluded. Gross-income calculations do not automatically subtract payroll taxes.

Chase's 20/4/10 explanation, reviewed September 27, 2026. Enter a budget that also leaves room for your other expenses and savings.

Amortization schedule

Create a dated schedule with extra payments

Payment totals include regular principal, extra principal and interest. Annual lump sums are part of the Extra column. CSV separates monthly and annual extras. Calculations keep full precision; displayed rows and totals are rounded independently.

First 12 months

Amortization schedule for the budgeted car loan at 7.47% over 48 months, months 1–12; first payment $200.00. The final payment may be smaller.
Payment	Total payment	Regular principal	Extra	Interest	Balance
1	$200.00	$148.48	$0.00	$51.52	$8,127.99
2	$200.00	$149.40	$0.00	$50.60	$7,978.58
3	$200.00	$150.33	$0.00	$49.67	$7,828.25
4	$200.00	$151.27	$0.00	$48.73	$7,676.98
5	$200.00	$152.21	$0.00	$47.79	$7,524.77
6	$200.00	$153.16	$0.00	$46.84	$7,371.61
7	$200.00	$154.11	$0.00	$45.89	$7,217.50
8	$200.00	$155.07	$0.00	$44.93	$7,062.43
9	$200.00	$156.04	$0.00	$43.96	$6,906.39
10	$200.00	$157.01	$0.00	$42.99	$6,749.39
11	$200.00	$157.99	$0.00	$42.01	$6,591.40
12	$200.00	$158.97	$0.00	$41.03	$6,432.43

Year by year

Totals for each loan year
Loan year	Total paid	Principal incl. extras	Interest	Balance at year end
1	$2,400	$1,844	$556	$6,432
2	$2,400	$1,987	$413	$4,446
3	$2,400	$2,140	$260	$2,306
4	$2,400	$2,306	$94	$0
Total	$9,600	$8,276	$1,324	$0

Full schedule, all 48 payments

Amortization schedule for the budgeted car loan at 7.47% over 48 months, every payment
Payment	Total payment	Regular principal	Interest	Balance
1	200.00	148.48	51.52	8,127.99
2	200.00	149.40	50.60	7,978.58
3	200.00	150.33	49.67	7,828.25
4	200.00	151.27	48.73	7,676.98
5	200.00	152.21	47.79	7,524.77
6	200.00	153.16	46.84	7,371.61
7	200.00	154.11	45.89	7,217.50
8	200.00	155.07	44.93	7,062.43
9	200.00	156.04	43.96	6,906.39
10	200.00	157.01	42.99	6,749.39
11	200.00	157.99	42.01	6,591.40
12	200.00	158.97	41.03	6,432.43
13	200.00	159.96	40.04	6,272.47
14	200.00	160.95	39.05	6,111.52
15	200.00	161.96	38.04	5,949.56
16	200.00	162.96	37.04	5,786.60
17	200.00	163.98	36.02	5,622.62
18	200.00	165.00	35.00	5,457.62
19	200.00	166.03	33.97	5,291.60
20	200.00	167.06	32.94	5,124.54
21	200.00	168.10	31.90	4,956.44
22	200.00	169.15	30.85	4,787.29
23	200.00	170.20	29.80	4,617.09
24	200.00	171.26	28.74	4,445.83
25	200.00	172.32	27.68	4,273.51
26	200.00	173.40	26.60	4,100.11
27	200.00	174.48	25.52	3,925.63
28	200.00	175.56	24.44	3,750.07
29	200.00	176.66	23.34	3,573.41
30	200.00	177.76	22.24	3,395.66
31	200.00	178.86	21.14	3,216.80
32	200.00	179.98	20.02	3,036.82
33	200.00	181.10	18.90	2,855.73
34	200.00	182.22	17.78	2,673.50
35	200.00	183.36	16.64	2,490.15
36	200.00	184.50	15.50	2,305.65
37	200.00	185.65	14.35	2,120.00
38	200.00	186.80	13.20	1,933.20
39	200.00	187.97	12.03	1,745.23
40	200.00	189.14	10.86	1,556.09
41	200.00	190.31	9.69	1,365.78
42	200.00	191.50	8.50	1,174.28
43	200.00	192.69	7.31	981.59
44	200.00	193.89	6.11	787.70
45	200.00	195.10	4.90	592.61
46	200.00	196.31	3.69	396.30
47	200.00	197.53	2.47	198.76
48	200.00	198.76	1.24	0.00

Other calculators

Sources

New-car loan, 48 months average: 7.47%. Federal Reserve G.19 Consumer Credit, terms of credit at commercial banks, series TERMCBAUTO48NS, as of May 1, 2026; retrieved September 27, 2026.
State vehicle sales tax and trade-in rules. State revenue departments and DMVs; state rate only, local taxes excluded.
20/4/10: gross income and total transportation costs. Chase explains 20% down, four years and 10% of gross monthly income including insurance, fuel and maintenance. A budgeting guideline, not an approval test. Reviewed September 27, 2026.

Page calculations or content last changed September 27, 2026. Observation and retrieval dates are listed per source above. How we calculate.