Use the mortgage calculator to calculate the cost of buying a $205k 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 205,000 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 $205,000 house.
$205,000 Home at 2%
| 0% down | $757.72/mo |
| 5% down | $719.83/mo |
| 10% down | $681.95/mo |
| 15% down | $644.06/mo |
| 20% down | $606.18/mo |
| 25% down | $568.29/mo |
| 30% down | $530.40/mo |
| 35% down | $492.52/mo |
| 40% down | $454.63/mo |
| 45% down | $416.75/mo |
| 50% down | $378.86/mo |
$205,000 Home at 4%
| 0% down | $978.70/mo |
| 5% down | $929.77/mo |
| 10% down | $880.83/mo |
| 15% down | $831.90/mo |
| 20% down | $782.96/mo |
| 25% down | $734.03/mo |
| 30% down | $685.09/mo |
| 35% down | $636.16/mo |
| 40% down | $587.22/mo |
| 45% down | $538.29/mo |
| 50% down | $489.35/mo |
$205,000 Home at 6%
| 0% down | $1,229.08/mo |
| 5% down | $1,167.62/mo |
| 10% down | $1,106.17/mo |
| 15% down | $1,044.72/mo |
| 20% down | $983.26/mo |
| 25% down | $921.81/mo |
| 30% down | $860.36/mo |
| 35% down | $798.90/mo |
| 40% down | $737.45/mo |
| 45% down | $675.99/mo |
| 50% down | $614.54/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.