How Much of a Loan can I Afford?

Loan Affordability Calculator
I can Afford Payments: $ per month
For the Loan Term:  
at an Interest Rate:   % per year
Loan You can Afford: $ 15,773.14


How much of a loan can you afford to take out?

Shopping for a car or boat or looking to take out a home equity loan?  This calculator should give you a rough idea of how much loan you can afford to take based on the the monthly payment you can make and the current interest rate.  Once you are ready, you'll need to get professional loan advice on your actual affordability.  Other factors include your credit rating, collateral and fees that you pay up front or roll into the loan.

I can Afford Payments:
The monthly amount you want or can afford to pay for a loan payment
Loan Term
How long do you want to pay back the loan in years or months?  What is the term of your loan?
Interest Rate
The annual stated rate of your loan.
Loan You can Afford
This is likely the amount of the loan you can afford to take.

This loan calculator assumes compounding and payments occur monthly.  Your actual loan may vary but this estimate should still give you a good idea of about how much you can afford.

You can also create a table of payments if you want to investigate various mortgage loan options.

 

Cite this content, page or calculator as:

Furey, Edward "How Much of a Loan can I Afford?" From http://www.CalculatorSoup.com - Online Calculator Resource.