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.