Use the mortgage calculator to calculate the cost of buying a $314k 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 314,000 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 $314,000 house.
2% interest
| 0% down | $1,160.61/mo |
| 5% down | $1,102.57/mo |
| 10% down | $1,044.54/mo |
| 15% down | $986.51/mo |
| 20% down | $928.48/mo |
| 25% down | $870.45/mo |
| 30% down | $812.42/mo |
| 35% down | $754.39/mo |
| 40% down | $696.36/mo |
| 45% down | $638.33/mo |
| 50% down | $580.30/mo |
4% interest
| 0% down | $1,499.08/mo |
| 5% down | $1,424.13/mo |
| 10% down | $1,349.18/mo |
| 15% down | $1,274.22/mo |
| 20% down | $1,199.27/mo |
| 25% down | $1,124.31/mo |
| 30% down | $1,049.36/mo |
| 35% down | $974.40/mo |
| 40% down | $899.45/mo |
| 45% down | $824.50/mo |
| 50% down | $749.54/mo |
6% interest
| 0% down | $1,882.59/mo |
| 5% down | $1,788.46/mo |
| 10% down | $1,694.33/mo |
| 15% down | $1,600.20/mo |
| 20% down | $1,506.07/mo |
| 25% down | $1,411.94/mo |
| 30% down | $1,317.81/mo |
| 35% down | $1,223.68/mo |
| 40% down | $1,129.55/mo |
| 45% down | $1,035.42/mo |
| 50% down | $941.29/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.