Use the mortgage calculator to calculate the cost of buying a $40k 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 40,000 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 $40,000 house.
$40,000 Home at 2%
| 0% down | $147.85/mo |
| 5% down | $140.46/mo |
| 10% down | $133.06/mo |
| 15% down | $125.67/mo |
| 20% down | $118.28/mo |
| 25% down | $110.89/mo |
| 30% down | $103.49/mo |
| 35% down | $96.10/mo |
| 40% down | $88.71/mo |
| 45% down | $81.32/mo |
| 50% down | $73.92/mo |
$40,000 Home at 4%
| 0% down | $190.97/mo |
| 5% down | $181.42/mo |
| 10% down | $171.87/mo |
| 15% down | $162.32/mo |
| 20% down | $152.77/mo |
| 25% down | $143.22/mo |
| 30% down | $133.68/mo |
| 35% down | $124.13/mo |
| 40% down | $114.58/mo |
| 45% down | $105.03/mo |
| 50% down | $95.48/mo |
$40,000 Home at 6%
| 0% down | $239.82/mo |
| 5% down | $227.83/mo |
| 10% down | $215.84/mo |
| 15% down | $203.85/mo |
| 20% down | $191.86/mo |
| 25% down | $179.87/mo |
| 30% down | $167.87/mo |
| 35% down | $155.88/mo |
| 40% down | $143.89/mo |
| 45% down | $131.90/mo |
| 50% down | $119.91/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.