$31,000 Mortgage Loan Payments and Costs

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Loan Summary


Use the mortgage calculator to calculate the cost of buying a $31k 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 31,000 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 $31,000 house.
2% interest
0% down$114.58/mo
5% down$108.85/mo
10% down$103.12/mo
15% down$97.39/mo
20% down$91.67/mo
25% down$85.94/mo
30% down$80.21/mo
35% down$74.48/mo
40% down$68.75/mo
45% down$63.02/mo
50% down$57.29/mo
4% interest
0% down$148.00/mo
5% down$140.60/mo
10% down$133.20/mo
15% down$125.80/mo
20% down$118.40/mo
25% down$111.00/mo
30% down$103.60/mo
35% down$96.20/mo
40% down$88.80/mo
45% down$81.40/mo
50% down$74.00/mo
6% interest
0% down$185.86/mo
5% down$176.57/mo
10% down$167.27/mo
15% down$157.98/mo
20% down$148.69/mo
25% down$139.40/mo
30% down$130.10/mo
35% down$120.81/mo
40% down$111.52/mo
45% down$102.22/mo
50% down$92.93/mo
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.
What's the payment on a 31,000 house with a 20% down payment?
($24,800 loan. 30 year mortgage)
0.25%$71.51
0.50%$74.20
0.75%$76.95
1.00%$79.77
1.25%$82.65
1.50%$85.59
1.75%$88.60
2.00%$91.67
2.25%$94.80
2.50%$97.99
2.75%$101.24
3.00%$104.56
3.25%$107.93
3.50%$111.36
3.75%$114.85
4.00%$118.40
4.25%$122.00
4.50%$125.66
4.75%$129.37
5.00%$133.13
5.25%$136.95
5.50%$140.81
5.75%$144.73
6.00%$148.69
6.25%$152.70
6.50%$156.75
6.75%$160.85
7.00%$165.00
7.25%$169.18
7.50%$173.41
7.75%$177.67
8.00%$181.97
8.25%$186.31
8.50%$190.69
8.75%$195.10
9.00%$199.55
9.25%$204.02
9.50%$208.53
9.75%$213.07
10.00%$217.64
10.25%$222.23
10.50%$226.86
10.75%$231.50
11.00%$236.18
11.25%$240.87
11.50%$245.59
11.75%$250.33
12.00%$255.10