Use the mortgage calculator to calculate the cost of buying a $197k 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 197,000 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 $197,000 house.
$197,000 Home at 2%
| 0% down | $728.15/mo |
| 5% down | $691.74/mo |
| 10% down | $655.34/mo |
| 15% down | $618.93/mo |
| 20% down | $582.52/mo |
| 25% down | $546.11/mo |
| 30% down | $509.71/mo |
| 35% down | $473.30/mo |
| 40% down | $436.89/mo |
| 45% down | $400.48/mo |
| 50% down | $364.08/mo |
$197,000 Home at 4%
| 0% down | $940.51/mo |
| 5% down | $893.48/mo |
| 10% down | $846.46/mo |
| 15% down | $799.43/mo |
| 20% down | $752.41/mo |
| 25% down | $705.38/mo |
| 30% down | $658.36/mo |
| 35% down | $611.33/mo |
| 40% down | $564.30/mo |
| 45% down | $517.28/mo |
| 50% down | $470.25/mo |
$197,000 Home at 6%
| 0% down | $1,181.11/mo |
| 5% down | $1,122.06/mo |
| 10% down | $1,063.00/mo |
| 15% down | $1,003.95/mo |
| 20% down | $944.89/mo |
| 25% down | $885.84/mo |
| 30% down | $826.78/mo |
| 35% down | $767.72/mo |
| 40% down | $708.67/mo |
| 45% down | $649.61/mo |
| 50% down | $590.56/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.