Use the mortgage calculator to calculate the cost of buying a $118k 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 118,000 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 $118,000 house.
$118,000 Home at 2%
| 0% down | $436.15/mo |
| 5% down | $414.34/mo |
| 10% down | $392.54/mo |
| 15% down | $370.73/mo |
| 20% down | $348.92/mo |
| 25% down | $327.11/mo |
| 30% down | $305.31/mo |
| 35% down | $283.50/mo |
| 40% down | $261.69/mo |
| 45% down | $239.88/mo |
| 50% down | $218.08/mo |
$118,000 Home at 4%
| 0% down | $563.35/mo |
| 5% down | $535.18/mo |
| 10% down | $507.02/mo |
| 15% down | $478.85/mo |
| 20% down | $450.68/mo |
| 25% down | $422.51/mo |
| 30% down | $394.35/mo |
| 35% down | $366.18/mo |
| 40% down | $338.01/mo |
| 45% down | $309.84/mo |
| 50% down | $281.68/mo |
$118,000 Home at 6%
| 0% down | $707.47/mo |
| 5% down | $672.10/mo |
| 10% down | $636.72/mo |
| 15% down | $601.35/mo |
| 20% down | $565.98/mo |
| 25% down | $530.60/mo |
| 30% down | $495.23/mo |
| 35% down | $459.86/mo |
| 40% down | $424.48/mo |
| 45% down | $389.11/mo |
| 50% down | $353.73/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.