Use the mortgage calculator to calculate the cost of buying a $305k 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 305,000 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 $305,000 house.
$305,000 Home at 2%
| 0% down | $1,127.34/mo |
| 5% down | $1,070.97/mo |
| 10% down | $1,014.61/mo |
| 15% down | $958.24/mo |
| 20% down | $901.87/mo |
| 25% down | $845.50/mo |
| 30% down | $789.14/mo |
| 35% down | $732.77/mo |
| 40% down | $676.40/mo |
| 45% down | $620.04/mo |
| 50% down | $563.67/mo |
$305,000 Home at 4%
| 0% down | $1,456.12/mo |
| 5% down | $1,383.31/mo |
| 10% down | $1,310.50/mo |
| 15% down | $1,237.70/mo |
| 20% down | $1,164.89/mo |
| 25% down | $1,092.09/mo |
| 30% down | $1,019.28/mo |
| 35% down | $946.48/mo |
| 40% down | $873.67/mo |
| 45% down | $800.86/mo |
| 50% down | $728.06/mo |
$305,000 Home at 6%
| 0% down | $1,828.63/mo |
| 5% down | $1,737.20/mo |
| 10% down | $1,645.77/mo |
| 15% down | $1,554.33/mo |
| 20% down | $1,462.90/mo |
| 25% down | $1,371.47/mo |
| 30% down | $1,280.04/mo |
| 35% down | $1,188.61/mo |
| 40% down | $1,097.18/mo |
| 45% down | $1,005.75/mo |
| 50% down | $914.31/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.