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.
$31,000 Home at 2%
| 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 |
$31,000 Home at 4%
| 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 |
$31,000 Home at 6%
| 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.