Use the mortgage calculator to calculate the cost of buying a $88k 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 88,000 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 $88,000 house.
$88,000 Home at 2%
| 0% down | $325.27/mo |
| 5% down | $309.00/mo |
| 10% down | $292.74/mo |
| 15% down | $276.48/mo |
| 20% down | $260.21/mo |
| 25% down | $243.95/mo |
| 30% down | $227.69/mo |
| 35% down | $211.42/mo |
| 40% down | $195.16/mo |
| 45% down | $178.90/mo |
| 50% down | $162.63/mo |
$88,000 Home at 4%
| 0% down | $420.13/mo |
| 5% down | $399.12/mo |
| 10% down | $378.11/mo |
| 15% down | $357.11/mo |
| 20% down | $336.10/mo |
| 25% down | $315.09/mo |
| 30% down | $294.09/mo |
| 35% down | $273.08/mo |
| 40% down | $252.08/mo |
| 45% down | $231.07/mo |
| 50% down | $210.06/mo |
$88,000 Home at 6%
| 0% down | $527.60/mo |
| 5% down | $501.22/mo |
| 10% down | $474.84/mo |
| 15% down | $448.46/mo |
| 20% down | $422.08/mo |
| 25% down | $395.70/mo |
| 30% down | $369.32/mo |
| 35% down | $342.94/mo |
| 40% down | $316.56/mo |
| 45% down | $290.18/mo |
| 50% down | $263.80/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.