Use the mortgage calculator to calculate the cost of buying a $245k 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 245,000 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 $245,000 house.
$245,000 Home at 2%
| 0% down | $905.57/mo |
| 5% down | $860.29/mo |
| 10% down | $815.01/mo |
| 15% down | $769.73/mo |
| 20% down | $724.45/mo |
| 25% down | $679.18/mo |
| 30% down | $633.90/mo |
| 35% down | $588.62/mo |
| 40% down | $543.34/mo |
| 45% down | $498.06/mo |
| 50% down | $452.78/mo |
$245,000 Home at 4%
| 0% down | $1,169.67/mo |
| 5% down | $1,111.18/mo |
| 10% down | $1,052.70/mo |
| 15% down | $994.22/mo |
| 20% down | $935.73/mo |
| 25% down | $877.25/mo |
| 30% down | $818.77/mo |
| 35% down | $760.28/mo |
| 40% down | $701.80/mo |
| 45% down | $643.32/mo |
| 50% down | $584.83/mo |
$245,000 Home at 6%
| 0% down | $1,468.90/mo |
| 5% down | $1,395.45/mo |
| 10% down | $1,322.01/mo |
| 15% down | $1,248.56/mo |
| 20% down | $1,175.12/mo |
| 25% down | $1,101.67/mo |
| 30% down | $1,028.23/mo |
| 35% down | $954.78/mo |
| 40% down | $881.34/mo |
| 45% down | $807.89/mo |
| 50% down | $734.45/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.