Use the mortgage calculator to calculate the cost of buying a $161k 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 161,000 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 $161,000 house.
$161,000 Home at 2%
| 0% down | $595.09/mo |
| 5% down | $565.33/mo |
| 10% down | $535.58/mo |
| 15% down | $505.82/mo |
| 20% down | $476.07/mo |
| 25% down | $446.32/mo |
| 30% down | $416.56/mo |
| 35% down | $386.81/mo |
| 40% down | $357.05/mo |
| 45% down | $327.30/mo |
| 50% down | $297.54/mo |
$161,000 Home at 4%
| 0% down | $768.64/mo |
| 5% down | $730.21/mo |
| 10% down | $691.77/mo |
| 15% down | $653.34/mo |
| 20% down | $614.91/mo |
| 25% down | $576.48/mo |
| 30% down | $538.05/mo |
| 35% down | $499.62/mo |
| 40% down | $461.18/mo |
| 45% down | $422.75/mo |
| 50% down | $384.32/mo |
$161,000 Home at 6%
| 0% down | $965.28/mo |
| 5% down | $917.01/mo |
| 10% down | $868.75/mo |
| 15% down | $820.48/mo |
| 20% down | $772.22/mo |
| 25% down | $723.96/mo |
| 30% down | $675.69/mo |
| 35% down | $627.43/mo |
| 40% down | $579.17/mo |
| 45% down | $530.90/mo |
| 50% down | $482.64/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.