Use the mortgage calculator to calculate the cost of buying a $389k 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 389,000 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 $389,000 house.
2% interest
| 0% down | $1,437.82/mo |
| 5% down | $1,365.93/mo |
| 10% down | $1,294.04/mo |
| 15% down | $1,222.15/mo |
| 20% down | $1,150.26/mo |
| 25% down | $1,078.36/mo |
| 30% down | $1,006.47/mo |
| 35% down | $934.58/mo |
| 40% down | $862.69/mo |
| 45% down | $790.80/mo |
| 50% down | $718.91/mo |
4% interest
| 0% down | $1,857.15/mo |
| 5% down | $1,764.29/mo |
| 10% down | $1,671.43/mo |
| 15% down | $1,578.57/mo |
| 20% down | $1,485.72/mo |
| 25% down | $1,392.86/mo |
| 30% down | $1,300.00/mo |
| 35% down | $1,207.14/mo |
| 40% down | $1,114.29/mo |
| 45% down | $1,021.43/mo |
| 50% down | $928.57/mo |
6% interest
| 0% down | $2,332.25/mo |
| 5% down | $2,215.64/mo |
| 10% down | $2,099.03/mo |
| 15% down | $1,982.41/mo |
| 20% down | $1,865.80/mo |
| 25% down | $1,749.19/mo |
| 30% down | $1,632.58/mo |
| 35% down | $1,515.96/mo |
| 40% down | $1,399.35/mo |
| 45% down | $1,282.74/mo |
| 50% down | $1,166.13/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.