Use the mortgage calculator to calculate the cost of buying a $345k 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 345,000 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 $345,000 house.
2% interest
| 0% down | $1,275.19/mo |
| 5% down | $1,211.43/mo |
| 10% down | $1,147.67/mo |
| 15% down | $1,083.91/mo |
| 20% down | $1,020.15/mo |
| 25% down | $956.39/mo |
| 30% down | $892.63/mo |
| 35% down | $828.87/mo |
| 40% down | $765.11/mo |
| 45% down | $701.35/mo |
| 50% down | $637.59/mo |
4% interest
| 0% down | $1,647.08/mo |
| 5% down | $1,564.73/mo |
| 10% down | $1,482.37/mo |
| 15% down | $1,400.02/mo |
| 20% down | $1,317.67/mo |
| 25% down | $1,235.31/mo |
| 30% down | $1,152.96/mo |
| 35% down | $1,070.60/mo |
| 40% down | $988.25/mo |
| 45% down | $905.90/mo |
| 50% down | $823.54/mo |
6% interest
| 0% down | $2,068.45/mo |
| 5% down | $1,965.03/mo |
| 10% down | $1,861.60/mo |
| 15% down | $1,758.18/mo |
| 20% down | $1,654.76/mo |
| 25% down | $1,551.34/mo |
| 30% down | $1,447.91/mo |
| 35% down | $1,344.49/mo |
| 40% down | $1,241.07/mo |
| 45% down | $1,137.65/mo |
| 50% down | $1,034.22/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.