Use the mortgage calculator to calculate the cost of buying a $54k 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 54,000 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 $54,000 house.
$54,000 Home at 2%
| 0% down | $199.59/mo |
| 5% down | $189.61/mo |
| 10% down | $179.64/mo |
| 15% down | $169.66/mo |
| 20% down | $159.68/mo |
| 25% down | $149.70/mo |
| 30% down | $139.72/mo |
| 35% down | $129.74/mo |
| 40% down | $119.76/mo |
| 45% down | $109.78/mo |
| 50% down | $99.80/mo |
$54,000 Home at 4%
| 0% down | $257.80/mo |
| 5% down | $244.91/mo |
| 10% down | $232.02/mo |
| 15% down | $219.13/mo |
| 20% down | $206.24/mo |
| 25% down | $193.35/mo |
| 30% down | $180.46/mo |
| 35% down | $167.57/mo |
| 40% down | $154.68/mo |
| 45% down | $141.79/mo |
| 50% down | $128.90/mo |
$54,000 Home at 6%
| 0% down | $323.76/mo |
| 5% down | $307.57/mo |
| 10% down | $291.38/mo |
| 15% down | $275.19/mo |
| 20% down | $259.01/mo |
| 25% down | $242.82/mo |
| 30% down | $226.63/mo |
| 35% down | $210.44/mo |
| 40% down | $194.25/mo |
| 45% down | $178.07/mo |
| 50% down | $161.88/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.