Use the mortgage calculator to calculate the cost of buying a $224k 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 224,000 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 $224,000 house.
$224,000 Home at 2%
| 0% down | $827.95/mo |
| 5% down | $786.55/mo |
| 10% down | $745.15/mo |
| 15% down | $703.76/mo |
| 20% down | $662.36/mo |
| 25% down | $620.96/mo |
| 30% down | $579.56/mo |
| 35% down | $538.17/mo |
| 40% down | $496.77/mo |
| 45% down | $455.37/mo |
| 50% down | $413.97/mo |
$224,000 Home at 4%
| 0% down | $1,069.41/mo |
| 5% down | $1,015.94/mo |
| 10% down | $962.47/mo |
| 15% down | $909.00/mo |
| 20% down | $855.53/mo |
| 25% down | $802.06/mo |
| 30% down | $748.59/mo |
| 35% down | $695.12/mo |
| 40% down | $641.65/mo |
| 45% down | $588.18/mo |
| 50% down | $534.71/mo |
$224,000 Home at 6%
| 0% down | $1,342.99/mo |
| 5% down | $1,275.84/mo |
| 10% down | $1,208.69/mo |
| 15% down | $1,141.54/mo |
| 20% down | $1,074.39/mo |
| 25% down | $1,007.24/mo |
| 30% down | $940.10/mo |
| 35% down | $872.95/mo |
| 40% down | $805.80/mo |
| 45% down | $738.65/mo |
| 50% down | $671.50/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.