Use the mortgage calculator to calculate the cost of buying a $22k 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 22,000 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 $22,000 house.
2% interest
| 0% down | $81.32/mo |
| 5% down | $77.25/mo |
| 10% down | $73.18/mo |
| 15% down | $69.12/mo |
| 20% down | $65.05/mo |
| 25% down | $60.99/mo |
| 30% down | $56.92/mo |
| 35% down | $52.86/mo |
| 40% down | $48.79/mo |
| 45% down | $44.72/mo |
| 50% down | $40.66/mo |
4% interest
| 0% down | $105.03/mo |
| 5% down | $99.78/mo |
| 10% down | $94.53/mo |
| 15% down | $89.28/mo |
| 20% down | $84.03/mo |
| 25% down | $78.77/mo |
| 30% down | $73.52/mo |
| 35% down | $68.27/mo |
| 40% down | $63.02/mo |
| 45% down | $57.77/mo |
| 50% down | $52.52/mo |
6% interest
| 0% down | $131.90/mo |
| 5% down | $125.31/mo |
| 10% down | $118.71/mo |
| 15% down | $112.12/mo |
| 20% down | $105.52/mo |
| 25% down | $98.93/mo |
| 30% down | $92.33/mo |
| 35% down | $85.74/mo |
| 40% down | $79.14/mo |
| 45% down | $72.55/mo |
| 50% down | $65.95/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.