Use the mortgage calculator to calculate the cost of buying a $385k 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 385,000 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 $385,000 house.
2% interest
| 0% down | $1,423.03/mo |
| 5% down | $1,351.88/mo |
| 10% down | $1,280.73/mo |
| 15% down | $1,209.58/mo |
| 20% down | $1,138.43/mo |
| 25% down | $1,067.28/mo |
| 30% down | $996.12/mo |
| 35% down | $924.97/mo |
| 40% down | $853.82/mo |
| 45% down | $782.67/mo |
| 50% down | $711.52/mo |
4% interest
| 0% down | $1,838.05/mo |
| 5% down | $1,746.15/mo |
| 10% down | $1,654.24/mo |
| 15% down | $1,562.34/mo |
| 20% down | $1,470.44/mo |
| 25% down | $1,378.54/mo |
| 30% down | $1,286.63/mo |
| 35% down | $1,194.73/mo |
| 40% down | $1,102.83/mo |
| 45% down | $1,010.93/mo |
| 50% down | $919.02/mo |
6% interest
| 0% down | $2,308.27/mo |
| 5% down | $2,192.86/mo |
| 10% down | $2,077.44/mo |
| 15% down | $1,962.03/mo |
| 20% down | $1,846.62/mo |
| 25% down | $1,731.20/mo |
| 30% down | $1,615.79/mo |
| 35% down | $1,500.38/mo |
| 40% down | $1,384.96/mo |
| 45% down | $1,269.55/mo |
| 50% down | $1,154.13/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.