Use the mortgage calculator to calculate the cost of buying a $2k 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 2,000 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 $2,000 house.
$2,000 Home at 2%
| 0% down | $7.39/mo |
| 5% down | $7.02/mo |
| 10% down | $6.65/mo |
| 15% down | $6.28/mo |
| 20% down | $5.91/mo |
| 25% down | $5.54/mo |
| 30% down | $5.17/mo |
| 35% down | $4.81/mo |
| 40% down | $4.44/mo |
| 45% down | $4.07/mo |
| 50% down | $3.70/mo |
$2,000 Home at 4%
| 0% down | $9.55/mo |
| 5% down | $9.07/mo |
| 10% down | $8.59/mo |
| 15% down | $8.12/mo |
| 20% down | $7.64/mo |
| 25% down | $7.16/mo |
| 30% down | $6.68/mo |
| 35% down | $6.21/mo |
| 40% down | $5.73/mo |
| 45% down | $5.25/mo |
| 50% down | $4.77/mo |
$2,000 Home at 6%
| 0% down | $11.99/mo |
| 5% down | $11.39/mo |
| 10% down | $10.79/mo |
| 15% down | $10.19/mo |
| 20% down | $9.59/mo |
| 25% down | $8.99/mo |
| 30% down | $8.39/mo |
| 35% down | $7.79/mo |
| 40% down | $7.19/mo |
| 45% down | $6.60/mo |
| 50% down | $6.00/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.