Use the mortgage calculator to calculate the cost of buying a $51k 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 51,000 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 $51,000 house.
2% interest
| 0% down | $188.51/mo |
| 5% down | $179.08/mo |
| 10% down | $169.66/mo |
| 15% down | $160.23/mo |
| 20% down | $150.80/mo |
| 25% down | $141.38/mo |
| 30% down | $131.95/mo |
| 35% down | $122.53/mo |
| 40% down | $113.10/mo |
| 45% down | $103.68/mo |
| 50% down | $94.25/mo |
4% interest
| 0% down | $243.48/mo |
| 5% down | $231.31/mo |
| 10% down | $219.13/mo |
| 15% down | $206.96/mo |
| 20% down | $194.79/mo |
| 25% down | $182.61/mo |
| 30% down | $170.44/mo |
| 35% down | $158.26/mo |
| 40% down | $146.09/mo |
| 45% down | $133.91/mo |
| 50% down | $121.74/mo |
6% interest
| 0% down | $305.77/mo |
| 5% down | $290.48/mo |
| 10% down | $275.19/mo |
| 15% down | $259.91/mo |
| 20% down | $244.62/mo |
| 25% down | $229.33/mo |
| 30% down | $214.04/mo |
| 35% down | $198.75/mo |
| 40% down | $183.46/mo |
| 45% down | $168.17/mo |
| 50% down | $152.89/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.