Use the mortgage calculator to calculate the cost of buying a $45k 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 45,000 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 $45,000 house.
2% interest
| 0% down | $166.33/mo |
| 5% down | $158.01/mo |
| 10% down | $149.70/mo |
| 15% down | $141.38/mo |
| 20% down | $133.06/mo |
| 25% down | $124.75/mo |
| 30% down | $116.43/mo |
| 35% down | $108.11/mo |
| 40% down | $99.80/mo |
| 45% down | $91.48/mo |
| 50% down | $83.16/mo |
4% interest
| 0% down | $214.84/mo |
| 5% down | $204.10/mo |
| 10% down | $193.35/mo |
| 15% down | $182.61/mo |
| 20% down | $171.87/mo |
| 25% down | $161.13/mo |
| 30% down | $150.39/mo |
| 35% down | $139.64/mo |
| 40% down | $128.90/mo |
| 45% down | $118.16/mo |
| 50% down | $107.42/mo |
6% interest
| 0% down | $269.80/mo |
| 5% down | $256.31/mo |
| 10% down | $242.82/mo |
| 15% down | $229.33/mo |
| 20% down | $215.84/mo |
| 25% down | $202.35/mo |
| 30% down | $188.86/mo |
| 35% down | $175.37/mo |
| 40% down | $161.88/mo |
| 45% down | $148.39/mo |
| 50% down | $134.90/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.