Car Affordability Calculator

    Calculate how much car you can afford based on your budget and expenses.

    $
    $1,000$50,000

    Enter your take-home pay after taxes

    $
    $0$30,000

    Rent, utilities, food, debts (excluding car)

    $
    $0$100,000

    Cash available for your down payment

    months
    12months96months

    Typical car loans: 36–84 months

    %
    1.99%19.99%

    Current average: 5–9% for new cars

    $
    $50$1,000

    Based on your age, location, driving record

    $
    $0$500

    Estimated based on your driving habits

    Comfortable Car Budget

    $22,466.86

    Maximum Car Budget

    $33,695.55

    Recommended Monthly Payment

    $350

    Total Monthly Cost (All-In)

    $675

    Total Interest Paid

    $3,533.14

    Total Cost of Ownership

    $40,500

    Maximum Car Budget42.8%
    Recommended Monthly Payment0.4%
    Total Monthly Cost (All-In)0.9%
    Total Interest Paid4.5%
    Total Cost of Ownership51.4%

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    Rate source: Bank of Canada Consumer Lending Data