Use the mortgage calculator to calculate the cost of buying a $242k 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 242,000 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 $242,000 house.
$242,000 Home at 2%
| 0% down | $894.48/mo |
| 5% down | $849.76/mo |
| 10% down | $805.03/mo |
| 15% down | $760.31/mo |
| 20% down | $715.58/mo |
| 25% down | $670.86/mo |
| 30% down | $626.14/mo |
| 35% down | $581.41/mo |
| 40% down | $536.69/mo |
| 45% down | $491.96/mo |
| 50% down | $447.24/mo |
$242,000 Home at 4%
| 0% down | $1,155.35/mo |
| 5% down | $1,097.58/mo |
| 10% down | $1,039.81/mo |
| 15% down | $982.04/mo |
| 20% down | $924.28/mo |
| 25% down | $866.51/mo |
| 30% down | $808.74/mo |
| 35% down | $750.97/mo |
| 40% down | $693.21/mo |
| 45% down | $635.44/mo |
| 50% down | $577.67/mo |
$242,000 Home at 6%
| 0% down | $1,450.91/mo |
| 5% down | $1,378.37/mo |
| 10% down | $1,305.82/mo |
| 15% down | $1,233.28/mo |
| 20% down | $1,160.73/mo |
| 25% down | $1,088.18/mo |
| 30% down | $1,015.64/mo |
| 35% down | $943.09/mo |
| 40% down | $870.55/mo |
| 45% down | $798.00/mo |
| 50% down | $725.46/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.