Use the mortgage calculator to calculate the cost of buying a $16k 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 16,000 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 $16,000 house.
2% interest
| 0% down | $59.14/mo |
| 5% down | $56.18/mo |
| 10% down | $53.23/mo |
| 15% down | $50.27/mo |
| 20% down | $47.31/mo |
| 25% down | $44.35/mo |
| 30% down | $41.40/mo |
| 35% down | $38.44/mo |
| 40% down | $35.48/mo |
| 45% down | $32.53/mo |
| 50% down | $29.57/mo |
4% interest
| 0% down | $76.39/mo |
| 5% down | $72.57/mo |
| 10% down | $68.75/mo |
| 15% down | $64.93/mo |
| 20% down | $61.11/mo |
| 25% down | $57.29/mo |
| 30% down | $53.47/mo |
| 35% down | $49.65/mo |
| 40% down | $45.83/mo |
| 45% down | $42.01/mo |
| 50% down | $38.19/mo |
6% interest
| 0% down | $95.93/mo |
| 5% down | $91.13/mo |
| 10% down | $86.34/mo |
| 15% down | $81.54/mo |
| 20% down | $76.74/mo |
| 25% down | $71.95/mo |
| 30% down | $67.15/mo |
| 35% down | $62.35/mo |
| 40% down | $57.56/mo |
| 45% down | $52.76/mo |
| 50% down | $47.96/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.