Use the mortgage calculator to calculate the cost of buying a $240k 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 240,000 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 $240,000 house.
$240,000 Home at 2%
| 0% down | $887.09/mo |
| 5% down | $842.73/mo |
| 10% down | $798.38/mo |
| 15% down | $754.02/mo |
| 20% down | $709.67/mo |
| 25% down | $665.32/mo |
| 30% down | $620.96/mo |
| 35% down | $576.61/mo |
| 40% down | $532.25/mo |
| 45% down | $487.90/mo |
| 50% down | $443.54/mo |
$240,000 Home at 4%
| 0% down | $1,145.80/mo |
| 5% down | $1,088.51/mo |
| 10% down | $1,031.22/mo |
| 15% down | $973.93/mo |
| 20% down | $916.64/mo |
| 25% down | $859.35/mo |
| 30% down | $802.06/mo |
| 35% down | $744.77/mo |
| 40% down | $687.48/mo |
| 45% down | $630.19/mo |
| 50% down | $572.90/mo |
$240,000 Home at 6%
| 0% down | $1,438.92/mo |
| 5% down | $1,366.98/mo |
| 10% down | $1,295.03/mo |
| 15% down | $1,223.08/mo |
| 20% down | $1,151.14/mo |
| 25% down | $1,079.19/mo |
| 30% down | $1,007.24/mo |
| 35% down | $935.30/mo |
| 40% down | $863.35/mo |
| 45% down | $791.41/mo |
| 50% down | $719.46/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.