Use the mortgage calculator to calculate the cost of buying a $38k 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 38,000 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 $38,000 house.
$38,000 Home at 2%
| 0% down | $140.46/mo |
| 5% down | $133.43/mo |
| 10% down | $126.41/mo |
| 15% down | $119.39/mo |
| 20% down | $112.36/mo |
| 25% down | $105.34/mo |
| 30% down | $98.32/mo |
| 35% down | $91.30/mo |
| 40% down | $84.27/mo |
| 45% down | $77.25/mo |
| 50% down | $70.23/mo |
$38,000 Home at 4%
| 0% down | $181.42/mo |
| 5% down | $172.35/mo |
| 10% down | $163.28/mo |
| 15% down | $154.21/mo |
| 20% down | $145.13/mo |
| 25% down | $136.06/mo |
| 30% down | $126.99/mo |
| 35% down | $117.92/mo |
| 40% down | $108.85/mo |
| 45% down | $99.78/mo |
| 50% down | $90.71/mo |
$38,000 Home at 6%
| 0% down | $227.83/mo |
| 5% down | $216.44/mo |
| 10% down | $205.05/mo |
| 15% down | $193.65/mo |
| 20% down | $182.26/mo |
| 25% down | $170.87/mo |
| 30% down | $159.48/mo |
| 35% down | $148.09/mo |
| 40% down | $136.70/mo |
| 45% down | $125.31/mo |
| 50% down | $113.91/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.