Use the mortgage calculator to calculate the cost of buying a $12k 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 12,000 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 $12,000 house.
2% interest
| 0% down | $44.35/mo |
| 5% down | $42.14/mo |
| 10% down | $39.92/mo |
| 15% down | $37.70/mo |
| 20% down | $35.48/mo |
| 25% down | $33.27/mo |
| 30% down | $31.05/mo |
| 35% down | $28.83/mo |
| 40% down | $26.61/mo |
| 45% down | $24.39/mo |
| 50% down | $22.18/mo |
4% interest
| 0% down | $57.29/mo |
| 5% down | $54.43/mo |
| 10% down | $51.56/mo |
| 15% down | $48.70/mo |
| 20% down | $45.83/mo |
| 25% down | $42.97/mo |
| 30% down | $40.10/mo |
| 35% down | $37.24/mo |
| 40% down | $34.37/mo |
| 45% down | $31.51/mo |
| 50% down | $28.64/mo |
6% interest
| 0% down | $71.95/mo |
| 5% down | $68.35/mo |
| 10% down | $64.75/mo |
| 15% down | $61.15/mo |
| 20% down | $57.56/mo |
| 25% down | $53.96/mo |
| 30% down | $50.36/mo |
| 35% down | $46.76/mo |
| 40% down | $43.17/mo |
| 45% down | $39.57/mo |
| 50% down | $35.97/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.