Use the mortgage calculator to calculate the cost of buying a $122k 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 122,000 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 $122,000 house.
2% interest
| 0% down | $450.94/mo |
| 5% down | $428.39/mo |
| 10% down | $405.84/mo |
| 15% down | $383.30/mo |
| 20% down | $360.75/mo |
| 25% down | $338.20/mo |
| 30% down | $315.66/mo |
| 35% down | $293.11/mo |
| 40% down | $270.56/mo |
| 45% down | $248.01/mo |
| 50% down | $225.47/mo |
4% interest
| 0% down | $582.45/mo |
| 5% down | $553.32/mo |
| 10% down | $524.20/mo |
| 15% down | $495.08/mo |
| 20% down | $465.96/mo |
| 25% down | $436.83/mo |
| 30% down | $407.71/mo |
| 35% down | $378.59/mo |
| 40% down | $349.47/mo |
| 45% down | $320.35/mo |
| 50% down | $291.22/mo |
6% interest
| 0% down | $731.45/mo |
| 5% down | $694.88/mo |
| 10% down | $658.31/mo |
| 15% down | $621.73/mo |
| 20% down | $585.16/mo |
| 25% down | $548.59/mo |
| 30% down | $512.02/mo |
| 35% down | $475.44/mo |
| 40% down | $438.87/mo |
| 45% down | $402.30/mo |
| 50% down | $365.73/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.