Use the mortgage calculator to calculate the cost of buying a $231k 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 231,000 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 $231,000 house.
2% interest
| 0% down | $853.82/mo |
| 5% down | $811.13/mo |
| 10% down | $768.44/mo |
| 15% down | $725.75/mo |
| 20% down | $683.06/mo |
| 25% down | $640.37/mo |
| 30% down | $597.67/mo |
| 35% down | $554.98/mo |
| 40% down | $512.29/mo |
| 45% down | $469.60/mo |
| 50% down | $426.91/mo |
4% interest
| 0% down | $1,102.83/mo |
| 5% down | $1,047.69/mo |
| 10% down | $992.55/mo |
| 15% down | $937.40/mo |
| 20% down | $882.26/mo |
| 25% down | $827.12/mo |
| 30% down | $771.98/mo |
| 35% down | $716.84/mo |
| 40% down | $661.70/mo |
| 45% down | $606.56/mo |
| 50% down | $551.41/mo |
6% interest
| 0% down | $1,384.96/mo |
| 5% down | $1,315.71/mo |
| 10% down | $1,246.47/mo |
| 15% down | $1,177.22/mo |
| 20% down | $1,107.97/mo |
| 25% down | $1,038.72/mo |
| 30% down | $969.47/mo |
| 35% down | $900.23/mo |
| 40% down | $830.98/mo |
| 45% down | $761.73/mo |
| 50% down | $692.48/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.