Use the mortgage calculator to calculate the cost of buying a $160k 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 160,000 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 $160,000 house.
$160,000 Home at 2%
| 0% down | $591.39/mo |
| 5% down | $561.82/mo |
| 10% down | $532.25/mo |
| 15% down | $502.68/mo |
| 20% down | $473.11/mo |
| 25% down | $443.54/mo |
| 30% down | $413.97/mo |
| 35% down | $384.40/mo |
| 40% down | $354.83/mo |
| 45% down | $325.27/mo |
| 50% down | $295.70/mo |
$160,000 Home at 4%
| 0% down | $763.86/mo |
| 5% down | $725.67/mo |
| 10% down | $687.48/mo |
| 15% down | $649.28/mo |
| 20% down | $611.09/mo |
| 25% down | $572.90/mo |
| 30% down | $534.71/mo |
| 35% down | $496.51/mo |
| 40% down | $458.32/mo |
| 45% down | $420.13/mo |
| 50% down | $381.93/mo |
$160,000 Home at 6%
| 0% down | $959.28/mo |
| 5% down | $911.32/mo |
| 10% down | $863.35/mo |
| 15% down | $815.39/mo |
| 20% down | $767.42/mo |
| 25% down | $719.46/mo |
| 30% down | $671.50/mo |
| 35% down | $623.53/mo |
| 40% down | $575.57/mo |
| 45% down | $527.60/mo |
| 50% down | $479.64/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.