$20,000 Mortgage Loan Payments and Costs

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Loan Summary


Use the mortgage calculator to calculate the cost of buying a $20k 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 20,000 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 $20,000 house.
2% interest
0% down$73.92/mo
5% down$70.23/mo
10% down$66.53/mo
15% down$62.84/mo
20% down$59.14/mo
25% down$55.44/mo
30% down$51.75/mo
35% down$48.05/mo
40% down$44.35/mo
45% down$40.66/mo
50% down$36.96/mo
4% interest
0% down$95.48/mo
5% down$90.71/mo
10% down$85.93/mo
15% down$81.16/mo
20% down$76.39/mo
25% down$71.61/mo
30% down$66.84/mo
35% down$62.06/mo
40% down$57.29/mo
45% down$52.52/mo
50% down$47.74/mo
6% interest
0% down$119.91/mo
5% down$113.91/mo
10% down$107.92/mo
15% down$101.92/mo
20% down$95.93/mo
25% down$89.93/mo
30% down$83.94/mo
35% down$77.94/mo
40% down$71.95/mo
45% down$65.95/mo
50% down$59.96/mo
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.
What's the payment on a 20,000 house with a 20% down payment?
($16,000 loan. 30 year mortgage)
0.25%$46.14
0.50%$47.87
0.75%$49.65
1.00%$51.46
1.25%$53.32
1.50%$55.22
1.75%$57.16
2.00%$59.14
2.25%$61.16
2.50%$63.22
2.75%$65.32
3.00%$67.46
3.25%$69.63
3.50%$71.85
3.75%$74.10
4.00%$76.39
4.25%$78.71
4.50%$81.07
4.75%$83.46
5.00%$85.89
5.25%$88.35
5.50%$90.85
5.75%$93.37
6.00%$95.93
6.25%$98.51
6.50%$101.13
6.75%$103.78
7.00%$106.45
7.25%$109.15
7.50%$111.87
7.75%$114.63
8.00%$117.40
8.25%$120.20
8.50%$123.03
8.75%$125.87
9.00%$128.74
9.25%$131.63
9.50%$134.54
9.75%$137.46
10.00%$140.41
10.25%$143.38
10.50%$146.36
10.75%$149.36
11.00%$152.37
11.25%$155.40
11.50%$158.45
11.75%$161.51
12.00%$164.58