How do I find the maximum loan I can afford?

Switch to 'Find Loan Amount' mode and enter your target monthly payment, the loan term, and the interest rate — the calculator solves for the loan amount that payment supports.

Is this the same formula as the Mortgage or Loan Calculator?

Yes, it's the same underlying amortization formula — this calculator just also supports solving it in reverse for the loan amount instead of only the payment.

Payment Calculator

Calculate a loan's monthly payment from its amount, or work backwards to find the loan amount a target monthly payment can afford.

Solve for

Loan amount

Term (months)

Interest rate

Monthly Payment

$474.30

Total Interest

$2,766.35

Total Paid

$22,766.35

How It Works

Find Payment mode

Given a loan amount, term, and interest rate, this calculates the fixed monthly payment using the standard amortization formula.

Find Loan Amount mode

Given a monthly payment you can afford, term, and interest rate, this solves the same formula in reverse to find the maximum loan amount that payment supports.

Example Calculation

If you can afford $500/month for 48 months at 6.5% interest, you could afford a loan of roughly $21,970.

Common Mistakes

Forgetting that 'how much can I afford' calculations don't include taxes, insurance, or other fees that might apply.
Using the wrong mode — 'Find Payment' needs a loan amount, 'Find Loan Amount' needs a target payment.
Not checking how the loan amount changes at different interest rates before committing to a term.

Frequently Asked Questions

How do I find the maximum loan I can afford?: Switch to 'Find Loan Amount' mode and enter your target monthly payment, the loan term, and the interest rate — the calculator solves for the loan amount that payment supports.
Is this the same formula as the Mortgage or Loan Calculator?: Yes, it's the same underlying amortization formula — this calculator just also supports solving it in reverse for the loan amount instead of only the payment.