Use the mortgage calculator to calculate the cost of buying a $18k 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 18,000 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 $18,000 house.
$18,000 Home at 2%
| 0% down | $66.53/mo |
| 5% down | $63.20/mo |
| 10% down | $59.88/mo |
| 15% down | $56.55/mo |
| 20% down | $53.23/mo |
| 25% down | $49.90/mo |
| 30% down | $46.57/mo |
| 35% down | $43.25/mo |
| 40% down | $39.92/mo |
| 45% down | $36.59/mo |
| 50% down | $33.27/mo |
$18,000 Home at 4%
| 0% down | $85.93/mo |
| 5% down | $81.64/mo |
| 10% down | $77.34/mo |
| 15% down | $73.04/mo |
| 20% down | $68.75/mo |
| 25% down | $64.45/mo |
| 30% down | $60.15/mo |
| 35% down | $55.86/mo |
| 40% down | $51.56/mo |
| 45% down | $47.26/mo |
| 50% down | $42.97/mo |
$18,000 Home at 6%
| 0% down | $107.92/mo |
| 5% down | $102.52/mo |
| 10% down | $97.13/mo |
| 15% down | $91.73/mo |
| 20% down | $86.34/mo |
| 25% down | $80.94/mo |
| 30% down | $75.54/mo |
| 35% down | $70.15/mo |
| 40% down | $64.75/mo |
| 45% down | $59.36/mo |
| 50% down | $53.96/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.