Use the mortgage calculator to calculate the cost of buying a $315k 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 315,000 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 $315,000 house.
2% interest
| 0% down | $1,164.30/mo |
| 5% down | $1,106.09/mo |
| 10% down | $1,047.87/mo |
| 15% down | $989.66/mo |
| 20% down | $931.44/mo |
| 25% down | $873.23/mo |
| 30% down | $815.01/mo |
| 35% down | $756.80/mo |
| 40% down | $698.58/mo |
| 45% down | $640.37/mo |
| 50% down | $582.15/mo |
4% interest
| 0% down | $1,503.86/mo |
| 5% down | $1,428.67/mo |
| 10% down | $1,353.47/mo |
| 15% down | $1,278.28/mo |
| 20% down | $1,203.09/mo |
| 25% down | $1,127.89/mo |
| 30% down | $1,052.70/mo |
| 35% down | $977.51/mo |
| 40% down | $902.31/mo |
| 45% down | $827.12/mo |
| 50% down | $751.93/mo |
6% interest
| 0% down | $1,888.58/mo |
| 5% down | $1,794.15/mo |
| 10% down | $1,699.73/mo |
| 15% down | $1,605.30/mo |
| 20% down | $1,510.87/mo |
| 25% down | $1,416.44/mo |
| 30% down | $1,322.01/mo |
| 35% down | $1,227.58/mo |
| 40% down | $1,133.15/mo |
| 45% down | $1,038.72/mo |
| 50% down | $944.29/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.