Use the mortgage calculator to calculate the cost of buying a $196k 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 196,000 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 $196,000 house.
2% interest
| 0% down | $724.45/mo |
| 5% down | $688.23/mo |
| 10% down | $652.01/mo |
| 15% down | $615.79/mo |
| 20% down | $579.56/mo |
| 25% down | $543.34/mo |
| 30% down | $507.12/mo |
| 35% down | $470.90/mo |
| 40% down | $434.67/mo |
| 45% down | $398.45/mo |
| 50% down | $362.23/mo |
4% interest
| 0% down | $935.73/mo |
| 5% down | $888.95/mo |
| 10% down | $842.16/mo |
| 15% down | $795.37/mo |
| 20% down | $748.59/mo |
| 25% down | $701.80/mo |
| 30% down | $655.01/mo |
| 35% down | $608.23/mo |
| 40% down | $561.44/mo |
| 45% down | $514.65/mo |
| 50% down | $467.87/mo |
6% interest
| 0% down | $1,175.12/mo |
| 5% down | $1,116.36/mo |
| 10% down | $1,057.61/mo |
| 15% down | $998.85/mo |
| 20% down | $940.10/mo |
| 25% down | $881.34/mo |
| 30% down | $822.58/mo |
| 35% down | $763.83/mo |
| 40% down | $705.07/mo |
| 45% down | $646.32/mo |
| 50% down | $587.56/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.