$56,000 Mortgage Loan Payments and Costs

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Loan Summary


Use the mortgage calculator to calculate the cost of buying a $56k 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 56,000 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 $56,000 house.
2% interest
0% down$206.99/mo
5% down$196.64/mo
10% down$186.29/mo
15% down$175.94/mo
20% down$165.59/mo
25% down$155.24/mo
30% down$144.89/mo
35% down$134.54/mo
40% down$124.19/mo
45% down$113.84/mo
50% down$103.49/mo
4% interest
0% down$267.35/mo
5% down$253.98/mo
10% down$240.62/mo
15% down$227.25/mo
20% down$213.88/mo
25% down$200.51/mo
30% down$187.15/mo
35% down$173.78/mo
40% down$160.41/mo
45% down$147.04/mo
50% down$133.68/mo
6% interest
0% down$335.75/mo
5% down$318.96/mo
10% down$302.17/mo
15% down$285.39/mo
20% down$268.60/mo
25% down$251.81/mo
30% down$235.02/mo
35% down$218.24/mo
40% down$201.45/mo
45% down$184.66/mo
50% down$167.87/mo
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.
What's the payment on a 56,000 house with a 20% down payment?
($44,800 loan. 30 year mortgage)
0.25%$129.18
0.50%$134.04
0.75%$139.01
1.00%$144.09
1.25%$149.30
1.50%$154.61
1.75%$160.05
2.00%$165.59
2.25%$171.25
2.50%$177.01
2.75%$182.89
3.00%$188.88
3.25%$194.97
3.50%$201.17
3.75%$207.48
4.00%$213.88
4.25%$220.39
4.50%$227.00
4.75%$233.70
5.00%$240.50
5.25%$247.39
5.50%$254.37
5.75%$261.44
6.00%$268.60
6.25%$275.84
6.50%$283.17
6.75%$290.57
7.00%$298.06
7.25%$305.61
7.50%$313.25
7.75%$320.95
8.00%$328.73
8.25%$336.57
8.50%$344.47
8.75%$352.44
9.00%$360.47
9.25%$368.56
9.50%$376.70
9.75%$384.90
10.00%$393.15
10.25%$401.45
10.50%$409.80
10.75%$418.20
11.00%$426.64
11.25%$435.13
11.50%$443.65
11.75%$452.22
12.00%$460.82