$55,000 Mortgage Loan Payments and Costs

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Loan Summary


Use the mortgage calculator to calculate the cost of buying a $55k 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 55,000 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 $55,000 house.
2% interest
0% down$203.29/mo
5% down$193.13/mo
10% down$182.96/mo
15% down$172.80/mo
20% down$162.63/mo
25% down$152.47/mo
30% down$142.30/mo
35% down$132.14/mo
40% down$121.97/mo
45% down$111.81/mo
50% down$101.65/mo
4% interest
0% down$262.58/mo
5% down$249.45/mo
10% down$236.32/mo
15% down$223.19/mo
20% down$210.06/mo
25% down$196.93/mo
30% down$183.80/mo
35% down$170.68/mo
40% down$157.55/mo
45% down$144.42/mo
50% down$131.29/mo
6% interest
0% down$329.75/mo
5% down$313.27/mo
10% down$296.78/mo
15% down$280.29/mo
20% down$263.80/mo
25% down$247.31/mo
30% down$230.83/mo
35% down$214.34/mo
40% down$197.85/mo
45% down$181.36/mo
50% down$164.88/mo
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.
What's the payment on a 55,000 house with a 20% down payment?
($44,000 loan. 30 year mortgage)
0.25%$126.88
0.50%$131.64
0.75%$136.53
1.00%$141.52
1.25%$146.63
1.50%$151.85
1.75%$157.19
2.00%$162.63
2.25%$168.19
2.50%$173.85
2.75%$179.63
3.00%$185.51
3.25%$191.49
3.50%$197.58
3.75%$203.77
4.00%$210.06
4.25%$216.45
4.50%$222.94
4.75%$229.52
5.00%$236.20
5.25%$242.97
5.50%$249.83
5.75%$256.77
6.00%$263.80
6.25%$270.92
6.50%$278.11
6.75%$285.38
7.00%$292.73
7.25%$300.16
7.50%$307.65
7.75%$315.22
8.00%$322.86
8.25%$330.56
8.50%$338.32
8.75%$346.15
9.00%$354.03
9.25%$361.98
9.50%$369.98
9.75%$378.03
10.00%$386.13
10.25%$394.28
10.50%$402.49
10.75%$410.73
11.00%$419.02
11.25%$427.36
11.50%$435.73
11.75%$444.14
12.00%$452.59