Use the mortgage calculator to calculate the cost of buying a $87k 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 87,000 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 $87,000 house.
$87,000 Home at 2%
| 0% down | $321.57/mo |
| 5% down | $305.49/mo |
| 10% down | $289.41/mo |
| 15% down | $273.33/mo |
| 20% down | $257.26/mo |
| 25% down | $241.18/mo |
| 30% down | $225.10/mo |
| 35% down | $209.02/mo |
| 40% down | $192.94/mo |
| 45% down | $176.86/mo |
| 50% down | $160.78/mo |
$87,000 Home at 4%
| 0% down | $415.35/mo |
| 5% down | $394.58/mo |
| 10% down | $373.82/mo |
| 15% down | $353.05/mo |
| 20% down | $332.28/mo |
| 25% down | $311.51/mo |
| 30% down | $290.75/mo |
| 35% down | $269.98/mo |
| 40% down | $249.21/mo |
| 45% down | $228.44/mo |
| 50% down | $207.68/mo |
$87,000 Home at 6%
| 0% down | $521.61/mo |
| 5% down | $495.53/mo |
| 10% down | $469.45/mo |
| 15% down | $443.37/mo |
| 20% down | $417.29/mo |
| 25% down | $391.21/mo |
| 30% down | $365.13/mo |
| 35% down | $339.05/mo |
| 40% down | $312.97/mo |
| 45% down | $286.88/mo |
| 50% down | $260.80/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.