Use the mortgage calculator to calculate the cost of buying a $15k 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 15,000 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 $15,000 house.
2% interest
| 0% down | $55.44/mo |
| 5% down | $52.67/mo |
| 10% down | $49.90/mo |
| 15% down | $47.13/mo |
| 20% down | $44.35/mo |
| 25% down | $41.58/mo |
| 30% down | $38.81/mo |
| 35% down | $36.04/mo |
| 40% down | $33.27/mo |
| 45% down | $30.49/mo |
| 50% down | $27.72/mo |
4% interest
| 0% down | $71.61/mo |
| 5% down | $68.03/mo |
| 10% down | $64.45/mo |
| 15% down | $60.87/mo |
| 20% down | $57.29/mo |
| 25% down | $53.71/mo |
| 30% down | $50.13/mo |
| 35% down | $46.55/mo |
| 40% down | $42.97/mo |
| 45% down | $39.39/mo |
| 50% down | $35.81/mo |
6% interest
| 0% down | $89.93/mo |
| 5% down | $85.44/mo |
| 10% down | $80.94/mo |
| 15% down | $76.44/mo |
| 20% down | $71.95/mo |
| 25% down | $67.45/mo |
| 30% down | $62.95/mo |
| 35% down | $58.46/mo |
| 40% down | $53.96/mo |
| 45% down | $49.46/mo |
| 50% down | $44.97/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.