Use the mortgage calculator to calculate the cost of buying a $311k 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 311,000 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 $311,000 house.
2% interest
| 0% down | $1,149.52/mo |
| 5% down | $1,092.04/mo |
| 10% down | $1,034.56/mo |
| 15% down | $977.09/mo |
| 20% down | $919.61/mo |
| 25% down | $862.14/mo |
| 30% down | $804.66/mo |
| 35% down | $747.19/mo |
| 40% down | $689.71/mo |
| 45% down | $632.23/mo |
| 50% down | $574.76/mo |
4% interest
| 0% down | $1,484.76/mo |
| 5% down | $1,410.52/mo |
| 10% down | $1,336.29/mo |
| 15% down | $1,262.05/mo |
| 20% down | $1,187.81/mo |
| 25% down | $1,113.57/mo |
| 30% down | $1,039.33/mo |
| 35% down | $965.10/mo |
| 40% down | $890.86/mo |
| 45% down | $816.62/mo |
| 50% down | $742.38/mo |
6% interest
| 0% down | $1,864.60/mo |
| 5% down | $1,771.37/mo |
| 10% down | $1,678.14/mo |
| 15% down | $1,584.91/mo |
| 20% down | $1,491.68/mo |
| 25% down | $1,398.45/mo |
| 30% down | $1,305.22/mo |
| 35% down | $1,211.99/mo |
| 40% down | $1,118.76/mo |
| 45% down | $1,025.53/mo |
| 50% down | $932.30/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.