Use the mortgage calculator to calculate the cost of buying a $116k 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 116,000 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 $116,000 house.
2% interest
| 0% down | $428.76/mo |
| 5% down | $407.32/mo |
| 10% down | $385.88/mo |
| 15% down | $364.44/mo |
| 20% down | $343.01/mo |
| 25% down | $321.57/mo |
| 30% down | $300.13/mo |
| 35% down | $278.69/mo |
| 40% down | $257.26/mo |
| 45% down | $235.82/mo |
| 50% down | $214.38/mo |
4% interest
| 0% down | $553.80/mo |
| 5% down | $526.11/mo |
| 10% down | $498.42/mo |
| 15% down | $470.73/mo |
| 20% down | $443.04/mo |
| 25% down | $415.35/mo |
| 30% down | $387.66/mo |
| 35% down | $359.97/mo |
| 40% down | $332.28/mo |
| 45% down | $304.59/mo |
| 50% down | $276.90/mo |
6% interest
| 0% down | $695.48/mo |
| 5% down | $660.70/mo |
| 10% down | $625.93/mo |
| 15% down | $591.16/mo |
| 20% down | $556.38/mo |
| 25% down | $521.61/mo |
| 30% down | $486.84/mo |
| 35% down | $452.06/mo |
| 40% down | $417.29/mo |
| 45% down | $382.51/mo |
| 50% down | $347.74/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.