Use the mortgage calculator to calculate the cost of buying a $198k 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 198,000 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 $198,000 house.
$198,000 Home at 2%
| 0% down | $731.85/mo |
| 5% down | $695.25/mo |
| 10% down | $658.66/mo |
| 15% down | $622.07/mo |
| 20% down | $585.48/mo |
| 25% down | $548.88/mo |
| 30% down | $512.29/mo |
| 35% down | $475.70/mo |
| 40% down | $439.11/mo |
| 45% down | $402.52/mo |
| 50% down | $365.92/mo |
$198,000 Home at 4%
| 0% down | $945.28/mo |
| 5% down | $898.02/mo |
| 10% down | $850.75/mo |
| 15% down | $803.49/mo |
| 20% down | $756.23/mo |
| 25% down | $708.96/mo |
| 30% down | $661.70/mo |
| 35% down | $614.43/mo |
| 40% down | $567.17/mo |
| 45% down | $519.91/mo |
| 50% down | $472.64/mo |
$198,000 Home at 6%
| 0% down | $1,187.11/mo |
| 5% down | $1,127.75/mo |
| 10% down | $1,068.40/mo |
| 15% down | $1,009.04/mo |
| 20% down | $949.69/mo |
| 25% down | $890.33/mo |
| 30% down | $830.98/mo |
| 35% down | $771.62/mo |
| 40% down | $712.27/mo |
| 45% down | $652.91/mo |
| 50% down | $593.56/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.