Use the mortgage calculator to calculate the cost of buying a $248k 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 248,000 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 $248,000 house.
$248,000 Home at 2%
| 0% down | $916.66/mo |
| 5% down | $870.82/mo |
| 10% down | $824.99/mo |
| 15% down | $779.16/mo |
| 20% down | $733.33/mo |
| 25% down | $687.49/mo |
| 30% down | $641.66/mo |
| 35% down | $595.83/mo |
| 40% down | $549.99/mo |
| 45% down | $504.16/mo |
| 50% down | $458.33/mo |
$248,000 Home at 4%
| 0% down | $1,183.99/mo |
| 5% down | $1,124.79/mo |
| 10% down | $1,065.59/mo |
| 15% down | $1,006.39/mo |
| 20% down | $947.19/mo |
| 25% down | $887.99/mo |
| 30% down | $828.79/mo |
| 35% down | $769.59/mo |
| 40% down | $710.39/mo |
| 45% down | $651.19/mo |
| 50% down | $591.99/mo |
$248,000 Home at 6%
| 0% down | $1,486.89/mo |
| 5% down | $1,412.54/mo |
| 10% down | $1,338.20/mo |
| 15% down | $1,263.85/mo |
| 20% down | $1,189.51/mo |
| 25% down | $1,115.16/mo |
| 30% down | $1,040.82/mo |
| 35% down | $966.48/mo |
| 40% down | $892.13/mo |
| 45% down | $817.79/mo |
| 50% down | $743.44/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.