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Car Affordability Calculator

Find out how much car you can actually afford

Loan Term

Based on the 15% income rule, you can afford:

$11,250
Max monthly payment: $124

πŸ’³ Loan Cost Breakdown

Purchase price$11,250
Down paymentβˆ’$5,000
Trade-inβˆ’$0
Loan amount$6,250
Total interest+$1,175
Total Paid$12,425

πŸ” True Monthly Cost of Ownership

Loan payment (P&I)$124
Insurance estimate$13
Fuel estimate$200
Maintenance (est.)$14
Registration (est. annualΓ·12)$9
Total Monthly$361

πŸ”„ New vs Used Comparison

A 3-year-old used car worth approximately $6,750 saves you ~$4,500 in first-year depreciation alone. New cars lose 15–25% of value in the first year.

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Educational estimate only. Interest rates vary by credit score and lender. Actual insurance and fuel costs vary by location and driving habits.