Use the mortgage calculator to calculate the cost of buying a $115k 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 115,000 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 $115,000 house.
$115,000 Home at 2%
| 0% down | $425.06/mo |
| 5% down | $403.81/mo |
| 10% down | $382.56/mo |
| 15% down | $361.30/mo |
| 20% down | $340.05/mo |
| 25% down | $318.80/mo |
| 30% down | $297.54/mo |
| 35% down | $276.29/mo |
| 40% down | $255.04/mo |
| 45% down | $233.78/mo |
| 50% down | $212.53/mo |
$115,000 Home at 4%
| 0% down | $549.03/mo |
| 5% down | $521.58/mo |
| 10% down | $494.12/mo |
| 15% down | $466.67/mo |
| 20% down | $439.22/mo |
| 25% down | $411.77/mo |
| 30% down | $384.32/mo |
| 35% down | $356.87/mo |
| 40% down | $329.42/mo |
| 45% down | $301.97/mo |
| 50% down | $274.51/mo |
$115,000 Home at 6%
| 0% down | $689.48/mo |
| 5% down | $655.01/mo |
| 10% down | $620.53/mo |
| 15% down | $586.06/mo |
| 20% down | $551.59/mo |
| 25% down | $517.11/mo |
| 30% down | $482.64/mo |
| 35% down | $448.16/mo |
| 40% down | $413.69/mo |
| 45% down | $379.22/mo |
| 50% down | $344.74/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.