Use the mortgage calculator to calculate the cost of buying a $195k 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 195,000 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 $195,000 house.
2% interest
| 0% down | $720.76/mo |
| 5% down | $684.72/mo |
| 10% down | $648.68/mo |
| 15% down | $612.64/mo |
| 20% down | $576.61/mo |
| 25% down | $540.57/mo |
| 30% down | $504.53/mo |
| 35% down | $468.49/mo |
| 40% down | $432.45/mo |
| 45% down | $396.42/mo |
| 50% down | $360.38/mo |
4% interest
| 0% down | $930.96/mo |
| 5% down | $884.41/mo |
| 10% down | $837.86/mo |
| 15% down | $791.32/mo |
| 20% down | $744.77/mo |
| 25% down | $698.22/mo |
| 30% down | $651.67/mo |
| 35% down | $605.12/mo |
| 40% down | $558.58/mo |
| 45% down | $512.03/mo |
| 50% down | $465.48/mo |
6% interest
| 0% down | $1,169.12/mo |
| 5% down | $1,110.67/mo |
| 10% down | $1,052.21/mo |
| 15% down | $993.75/mo |
| 20% down | $935.30/mo |
| 25% down | $876.84/mo |
| 30% down | $818.39/mo |
| 35% down | $759.93/mo |
| 40% down | $701.47/mo |
| 45% down | $643.02/mo |
| 50% down | $584.56/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.