Your down payment and monthly payment amount are just the beginning of the costs involved in owning a car. Maintenance, insurance, fuel, and other ongoing expenses can take up a substantial amount of your overall transportation budget.
For many individuals, the price of car they can afford is a function of the amount
of the monthly payment. You can use this calculator to help determine how much you
can afford to pay for a car based on your monthly payment amount, down payment,
loan term, and available interest rate.
This chart illustrates the remaining loan balance over the life of the loan.
Car Loan Balance Over Time
This hypothetical example is intended for illustrative purposes only. Actual results
will vary based on the car you buy and the terms of your loan.