Use the mortgage calculator to calculate the cost of buying a $120k 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 120,000 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 $120,000 house.
2% interest
| 0% down | $443.54/mo |
| 5% down | $421.37/mo |
| 10% down | $399.19/mo |
| 15% down | $377.01/mo |
| 20% down | $354.83/mo |
| 25% down | $332.66/mo |
| 30% down | $310.48/mo |
| 35% down | $288.30/mo |
| 40% down | $266.13/mo |
| 45% down | $243.95/mo |
| 50% down | $221.77/mo |
4% interest
| 0% down | $572.90/mo |
| 5% down | $544.25/mo |
| 10% down | $515.61/mo |
| 15% down | $486.96/mo |
| 20% down | $458.32/mo |
| 25% down | $429.67/mo |
| 30% down | $401.03/mo |
| 35% down | $372.38/mo |
| 40% down | $343.74/mo |
| 45% down | $315.09/mo |
| 50% down | $286.45/mo |
6% interest
| 0% down | $719.46/mo |
| 5% down | $683.49/mo |
| 10% down | $647.51/mo |
| 15% down | $611.54/mo |
| 20% down | $575.57/mo |
| 25% down | $539.60/mo |
| 30% down | $503.62/mo |
| 35% down | $467.65/mo |
| 40% down | $431.68/mo |
| 45% down | $395.70/mo |
| 50% down | $359.73/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.