Use the mortgage calculator to calculate the cost of buying a $4k 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 4,000 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 $4,000 house.
2% interest
| 0% down | $14.78/mo |
| 5% down | $14.05/mo |
| 10% down | $13.31/mo |
| 15% down | $12.57/mo |
| 20% down | $11.83/mo |
| 25% down | $11.09/mo |
| 30% down | $10.35/mo |
| 35% down | $9.61/mo |
| 40% down | $8.87/mo |
| 45% down | $8.13/mo |
| 50% down | $7.39/mo |
4% interest
| 0% down | $19.10/mo |
| 5% down | $18.14/mo |
| 10% down | $17.19/mo |
| 15% down | $16.23/mo |
| 20% down | $15.28/mo |
| 25% down | $14.32/mo |
| 30% down | $13.37/mo |
| 35% down | $12.41/mo |
| 40% down | $11.46/mo |
| 45% down | $10.50/mo |
| 50% down | $9.55/mo |
6% interest
| 0% down | $23.98/mo |
| 5% down | $22.78/mo |
| 10% down | $21.58/mo |
| 15% down | $20.38/mo |
| 20% down | $19.19/mo |
| 25% down | $17.99/mo |
| 30% down | $16.79/mo |
| 35% down | $15.59/mo |
| 40% down | $14.39/mo |
| 45% down | $13.19/mo |
| 50% down | $11.99/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.