Use the mortgage calculator to calculate the cost of buying a $388k 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 388,000 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 $388,000 house.
$388,000 Home at 2%
0% down | $1,434.12/mo |
5% down | $1,362.42/mo |
10% down | $1,290.71/mo |
15% down | $1,219.01/mo |
20% down | $1,147.30/mo |
25% down | $1,075.59/mo |
30% down | $1,003.89/mo |
35% down | $932.18/mo |
40% down | $860.47/mo |
45% down | $788.77/mo |
50% down | $717.06/mo |
$388,000 Home at 4%
0% down | $1,852.37/mo |
5% down | $1,759.75/mo |
10% down | $1,667.13/mo |
15% down | $1,574.52/mo |
20% down | $1,481.90/mo |
25% down | $1,389.28/mo |
30% down | $1,296.66/mo |
35% down | $1,204.04/mo |
40% down | $1,111.42/mo |
45% down | $1,018.80/mo |
50% down | $926.19/mo |
$388,000 Home at 6%
0% down | $2,326.26/mo |
5% down | $2,209.94/mo |
10% down | $2,093.63/mo |
15% down | $1,977.32/mo |
20% down | $1,861.00/mo |
25% down | $1,744.69/mo |
30% down | $1,628.38/mo |
35% down | $1,512.07/mo |
40% down | $1,395.75/mo |
45% down | $1,279.44/mo |
50% down | $1,163.13/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.