Use the mortgage calculator to calculate the cost of buying a $26k 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 26,000 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 $26,000 house.
2% interest
| 0% down | $96.10/mo |
| 5% down | $91.30/mo |
| 10% down | $86.49/mo |
| 15% down | $81.69/mo |
| 20% down | $76.88/mo |
| 25% down | $72.08/mo |
| 30% down | $67.27/mo |
| 35% down | $62.47/mo |
| 40% down | $57.66/mo |
| 45% down | $52.86/mo |
| 50% down | $48.05/mo |
4% interest
| 0% down | $124.13/mo |
| 5% down | $117.92/mo |
| 10% down | $111.72/mo |
| 15% down | $105.51/mo |
| 20% down | $99.30/mo |
| 25% down | $93.10/mo |
| 30% down | $86.89/mo |
| 35% down | $80.68/mo |
| 40% down | $74.48/mo |
| 45% down | $68.27/mo |
| 50% down | $62.06/mo |
6% interest
| 0% down | $155.88/mo |
| 5% down | $148.09/mo |
| 10% down | $140.29/mo |
| 15% down | $132.50/mo |
| 20% down | $124.71/mo |
| 25% down | $116.91/mo |
| 30% down | $109.12/mo |
| 35% down | $101.32/mo |
| 40% down | $93.53/mo |
| 45% down | $85.74/mo |
| 50% down | $77.94/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.