Use the mortgage calculator to calculate the cost of buying a $28k 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 28,000 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 $28,000 house.
2% interest
| 0% down | $103.49/mo |
| 5% down | $98.32/mo |
| 10% down | $93.14/mo |
| 15% down | $87.97/mo |
| 20% down | $82.79/mo |
| 25% down | $77.62/mo |
| 30% down | $72.45/mo |
| 35% down | $67.27/mo |
| 40% down | $62.10/mo |
| 45% down | $56.92/mo |
| 50% down | $51.75/mo |
4% interest
| 0% down | $133.68/mo |
| 5% down | $126.99/mo |
| 10% down | $120.31/mo |
| 15% down | $113.62/mo |
| 20% down | $106.94/mo |
| 25% down | $100.26/mo |
| 30% down | $93.57/mo |
| 35% down | $86.89/mo |
| 40% down | $80.21/mo |
| 45% down | $73.52/mo |
| 50% down | $66.84/mo |
6% interest
| 0% down | $167.87/mo |
| 5% down | $159.48/mo |
| 10% down | $151.09/mo |
| 15% down | $142.69/mo |
| 20% down | $134.30/mo |
| 25% down | $125.91/mo |
| 30% down | $117.51/mo |
| 35% down | $109.12/mo |
| 40% down | $100.72/mo |
| 45% down | $92.33/mo |
| 50% down | $83.94/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.