Use the mortgage calculator to calculate the cost of buying a $188k 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 188,000 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 $188,000 house.
$188,000 Home at 2%
| 0% down | $694.88/mo |
| 5% down | $660.14/mo |
| 10% down | $625.40/mo |
| 15% down | $590.65/mo |
| 20% down | $555.91/mo |
| 25% down | $521.16/mo |
| 30% down | $486.42/mo |
| 35% down | $451.67/mo |
| 40% down | $416.93/mo |
| 45% down | $382.19/mo |
| 50% down | $347.44/mo |
$188,000 Home at 4%
| 0% down | $897.54/mo |
| 5% down | $852.66/mo |
| 10% down | $807.79/mo |
| 15% down | $762.91/mo |
| 20% down | $718.03/mo |
| 25% down | $673.16/mo |
| 30% down | $628.28/mo |
| 35% down | $583.40/mo |
| 40% down | $538.52/mo |
| 45% down | $493.65/mo |
| 50% down | $448.77/mo |
$188,000 Home at 6%
| 0% down | $1,127.15/mo |
| 5% down | $1,070.80/mo |
| 10% down | $1,014.44/mo |
| 15% down | $958.08/mo |
| 20% down | $901.72/mo |
| 25% down | $845.37/mo |
| 30% down | $789.01/mo |
| 35% down | $732.65/mo |
| 40% down | $676.29/mo |
| 45% down | $619.94/mo |
| 50% down | $563.58/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.