Use the mortgage calculator to calculate the cost of buying a $202k 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 202,000 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 $202,000 house.
2% interest
| 0% down | $746.63/mo |
| 5% down | $709.30/mo |
| 10% down | $671.97/mo |
| 15% down | $634.64/mo |
| 20% down | $597.31/mo |
| 25% down | $559.97/mo |
| 30% down | $522.64/mo |
| 35% down | $485.31/mo |
| 40% down | $447.98/mo |
| 45% down | $410.65/mo |
| 50% down | $373.32/mo |
4% interest
| 0% down | $964.38/mo |
| 5% down | $916.16/mo |
| 10% down | $867.94/mo |
| 15% down | $819.72/mo |
| 20% down | $771.50/mo |
| 25% down | $723.28/mo |
| 30% down | $675.07/mo |
| 35% down | $626.85/mo |
| 40% down | $578.63/mo |
| 45% down | $530.41/mo |
| 50% down | $482.19/mo |
6% interest
| 0% down | $1,211.09/mo |
| 5% down | $1,150.54/mo |
| 10% down | $1,089.98/mo |
| 15% down | $1,029.43/mo |
| 20% down | $968.87/mo |
| 25% down | $908.32/mo |
| 30% down | $847.76/mo |
| 35% down | $787.21/mo |
| 40% down | $726.66/mo |
| 45% down | $666.10/mo |
| 50% down | $605.55/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.