Use the mortgage calculator to calculate the cost of buying a $103k home. Change the numbers to see different options.
This calc can be used for car loans, debt, real estate, home purchase, etc.
Can I afford a 103,000 dollar house? It depends.
In addition to the mortgage payment, a home also has insurance, maintenance, and taxes.
Taxes can vary drastically by area. A very rough estimate is to not spend more than 30% of your income
on housing.
How do I get a mortgage? A simple first step is to talk to a local banker and fill out a mortgage application. Then consider other offers, either local or online.
How much of a down payment should I make? Here's a little chart that shows monthly payments based on down payment for a $103,000 house.
$103,000 Home at 2%
| 0% down | $380.71/mo |
| 5% down | $361.67/mo |
| 10% down | $342.64/mo |
| 15% down | $323.60/mo |
| 20% down | $304.57/mo |
| 25% down | $285.53/mo |
| 30% down | $266.50/mo |
| 35% down | $247.46/mo |
| 40% down | $228.42/mo |
| 45% down | $209.39/mo |
| 50% down | $190.35/mo |
$103,000 Home at 4%
| 0% down | $491.74/mo |
| 5% down | $467.15/mo |
| 10% down | $442.56/mo |
| 15% down | $417.98/mo |
| 20% down | $393.39/mo |
| 25% down | $368.80/mo |
| 30% down | $344.22/mo |
| 35% down | $319.63/mo |
| 40% down | $295.04/mo |
| 45% down | $270.46/mo |
| 50% down | $245.87/mo |
$103,000 Home at 6%
| 0% down | $617.54/mo |
| 5% down | $586.66/mo |
| 10% down | $555.78/mo |
| 15% down | $524.91/mo |
| 20% down | $494.03/mo |
| 25% down | $463.15/mo |
| 30% down | $432.28/mo |
| 35% down | $401.40/mo |
| 40% down | $370.52/mo |
| 45% down | $339.65/mo |
| 50% down | $308.77/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.