$40,000 Mortgage Loan Payments and Costs

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Loan Summary


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.
2% interest
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
4% interest
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
6% interest
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.
What's the payment on a 40,000 house with a 20% down payment?
($32,000 loan. 30 year mortgage)
0.25%$92.27
0.50%$95.74
0.75%$99.29
1.00%$102.92
1.25%$106.64
1.50%$110.44
1.75%$114.32
2.00%$118.28
2.25%$122.32
2.50%$126.44
2.75%$130.64
3.00%$134.91
3.25%$139.27
3.50%$143.69
3.75%$148.20
4.00%$152.77
4.25%$157.42
4.50%$162.14
4.75%$166.93
5.00%$171.78
5.25%$176.71
5.50%$181.69
5.75%$186.74
6.00%$191.86
6.25%$197.03
6.50%$202.26
6.75%$207.55
7.00%$212.90
7.25%$218.30
7.50%$223.75
7.75%$229.25
8.00%$234.80
8.25%$240.41
8.50%$246.05
8.75%$251.74
9.00%$257.48
9.25%$263.26
9.50%$269.07
9.75%$274.93
10.00%$280.82
10.25%$286.75
10.50%$292.72
10.75%$298.71
11.00%$304.74
11.25%$310.80
11.50%$316.89
11.75%$323.01
12.00%$329.16