Use the mortgage calculator to calculate the cost of buying a $278k 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 278,000 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 $278,000 house.
2% interest
| 0% down | $1,027.54/mo |
| 5% down | $976.17/mo |
| 10% down | $924.79/mo |
| 15% down | $873.41/mo |
| 20% down | $822.03/mo |
| 25% down | $770.66/mo |
| 30% down | $719.28/mo |
| 35% down | $667.90/mo |
| 40% down | $616.53/mo |
| 45% down | $565.15/mo |
| 50% down | $513.77/mo |
4% interest
| 0% down | $1,327.21/mo |
| 5% down | $1,260.85/mo |
| 10% down | $1,194.49/mo |
| 15% down | $1,128.13/mo |
| 20% down | $1,061.77/mo |
| 25% down | $995.41/mo |
| 30% down | $929.05/mo |
| 35% down | $862.69/mo |
| 40% down | $796.33/mo |
| 45% down | $729.97/mo |
| 50% down | $663.61/mo |
6% interest
| 0% down | $1,666.75/mo |
| 5% down | $1,583.41/mo |
| 10% down | $1,500.08/mo |
| 15% down | $1,416.74/mo |
| 20% down | $1,333.40/mo |
| 25% down | $1,250.06/mo |
| 30% down | $1,166.73/mo |
| 35% down | $1,083.39/mo |
| 40% down | $1,000.05/mo |
| 45% down | $916.71/mo |
| 50% down | $833.38/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.