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.
$20,000 Home at 2%
| 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 |
$20,000 Home at 4%
| 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 |
$20,000 Home at 6%
| 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.