Use the mortgage calculator to calculate the cost of buying a $23k 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 23,000 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 $23,000 house.
$23,000 Home at 2%
| 0% down | $85.01/mo |
| 5% down | $80.76/mo |
| 10% down | $76.51/mo |
| 15% down | $72.26/mo |
| 20% down | $68.01/mo |
| 25% down | $63.76/mo |
| 30% down | $59.51/mo |
| 35% down | $55.26/mo |
| 40% down | $51.01/mo |
| 45% down | $46.76/mo |
| 50% down | $42.51/mo |
$23,000 Home at 4%
| 0% down | $109.81/mo |
| 5% down | $104.32/mo |
| 10% down | $98.82/mo |
| 15% down | $93.33/mo |
| 20% down | $87.84/mo |
| 25% down | $82.35/mo |
| 30% down | $76.86/mo |
| 35% down | $71.37/mo |
| 40% down | $65.88/mo |
| 45% down | $60.39/mo |
| 50% down | $54.90/mo |
$23,000 Home at 6%
| 0% down | $137.90/mo |
| 5% down | $131.00/mo |
| 10% down | $124.11/mo |
| 15% down | $117.21/mo |
| 20% down | $110.32/mo |
| 25% down | $103.42/mo |
| 30% down | $96.53/mo |
| 35% down | $89.63/mo |
| 40% down | $82.74/mo |
| 45% down | $75.84/mo |
| 50% down | $68.95/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.