Use the mortgage calculator to calculate the cost of buying a $124k 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 124,000 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 $124,000 house.
2% interest
| 0% down | $458.33/mo |
| 5% down | $435.41/mo |
| 10% down | $412.50/mo |
| 15% down | $389.58/mo |
| 20% down | $366.66/mo |
| 25% down | $343.75/mo |
| 30% down | $320.83/mo |
| 35% down | $297.91/mo |
| 40% down | $275.00/mo |
| 45% down | $252.08/mo |
| 50% down | $229.16/mo |
4% interest
| 0% down | $591.99/mo |
| 5% down | $562.40/mo |
| 10% down | $532.80/mo |
| 15% down | $503.20/mo |
| 20% down | $473.60/mo |
| 25% down | $444.00/mo |
| 30% down | $414.40/mo |
| 35% down | $384.80/mo |
| 40% down | $355.20/mo |
| 45% down | $325.60/mo |
| 50% down | $296.00/mo |
6% interest
| 0% down | $743.44/mo |
| 5% down | $706.27/mo |
| 10% down | $669.10/mo |
| 15% down | $631.93/mo |
| 20% down | $594.75/mo |
| 25% down | $557.58/mo |
| 30% down | $520.41/mo |
| 35% down | $483.24/mo |
| 40% down | $446.07/mo |
| 45% down | $408.89/mo |
| 50% down | $371.72/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.