$16,000 Mortgage Loan Payments and Costs

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Loan Summary


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.
What's the payment on a 16,000 house with a 20% down payment?
($12,800 loan. 30 year mortgage)
0.25%$36.91
0.50%$38.30
0.75%$39.72
1.00%$41.17
1.25%$42.66
1.50%$44.18
1.75%$45.73
2.00%$47.31
2.25%$48.93
2.50%$50.58
2.75%$52.25
3.00%$53.97
3.25%$55.71
3.50%$57.48
3.75%$59.28
4.00%$61.11
4.25%$62.97
4.50%$64.86
4.75%$66.77
5.00%$68.71
5.25%$70.68
5.50%$72.68
5.75%$74.70
6.00%$76.74
6.25%$78.81
6.50%$80.90
6.75%$83.02
7.00%$85.16
7.25%$87.32
7.50%$89.50
7.75%$91.70
8.00%$93.92
8.25%$96.16
8.50%$98.42
8.75%$100.70
9.00%$102.99
9.25%$105.30
9.50%$107.63
9.75%$109.97
10.00%$112.33
10.25%$114.70
10.50%$117.09
10.75%$119.49
11.00%$121.90
11.25%$124.32
11.50%$126.76
11.75%$129.20
12.00%$131.66