Use the mortgage calculator to calculate the cost of buying a $62k 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 62,000 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 $62,000 house.
$62,000 Home at 2%
| 0% down | $229.16/mo |
| 5% down | $217.71/mo |
| 10% down | $206.25/mo |
| 15% down | $194.79/mo |
| 20% down | $183.33/mo |
| 25% down | $171.87/mo |
| 30% down | $160.41/mo |
| 35% down | $148.96/mo |
| 40% down | $137.50/mo |
| 45% down | $126.04/mo |
| 50% down | $114.58/mo |
$62,000 Home at 4%
| 0% down | $296.00/mo |
| 5% down | $281.20/mo |
| 10% down | $266.40/mo |
| 15% down | $251.60/mo |
| 20% down | $236.80/mo |
| 25% down | $222.00/mo |
| 30% down | $207.20/mo |
| 35% down | $192.40/mo |
| 40% down | $177.60/mo |
| 45% down | $162.80/mo |
| 50% down | $148.00/mo |
$62,000 Home at 6%
| 0% down | $371.72/mo |
| 5% down | $353.14/mo |
| 10% down | $334.55/mo |
| 15% down | $315.96/mo |
| 20% down | $297.38/mo |
| 25% down | $278.79/mo |
| 30% down | $260.20/mo |
| 35% down | $241.62/mo |
| 40% down | $223.03/mo |
| 45% down | $204.45/mo |
| 50% down | $185.86/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.