Use the mortgage calculator to calculate the cost of buying a $220k 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 220,000 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 $220,000 house.
2% interest
| 0% down | $813.16/mo |
| 5% down | $772.50/mo |
| 10% down | $731.85/mo |
| 15% down | $691.19/mo |
| 20% down | $650.53/mo |
| 25% down | $609.87/mo |
| 30% down | $569.21/mo |
| 35% down | $528.56/mo |
| 40% down | $487.90/mo |
| 45% down | $447.24/mo |
| 50% down | $406.58/mo |
4% interest
| 0% down | $1,050.31/mo |
| 5% down | $997.80/mo |
| 10% down | $945.28/mo |
| 15% down | $892.77/mo |
| 20% down | $840.25/mo |
| 25% down | $787.74/mo |
| 30% down | $735.22/mo |
| 35% down | $682.70/mo |
| 40% down | $630.19/mo |
| 45% down | $577.67/mo |
| 50% down | $525.16/mo |
6% interest
| 0% down | $1,319.01/mo |
| 5% down | $1,253.06/mo |
| 10% down | $1,187.11/mo |
| 15% down | $1,121.16/mo |
| 20% down | $1,055.21/mo |
| 25% down | $989.26/mo |
| 30% down | $923.31/mo |
| 35% down | $857.36/mo |
| 40% down | $791.41/mo |
| 45% down | $725.46/mo |
| 50% down | $659.51/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.