Use the mortgage calculator to calculate the cost of buying a $63k 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 63,000 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 $63,000 house.
2% interest
| 0% down | $232.86/mo |
| 5% down | $221.22/mo |
| 10% down | $209.57/mo |
| 15% down | $197.93/mo |
| 20% down | $186.29/mo |
| 25% down | $174.65/mo |
| 30% down | $163.00/mo |
| 35% down | $151.36/mo |
| 40% down | $139.72/mo |
| 45% down | $128.07/mo |
| 50% down | $116.43/mo |
4% interest
| 0% down | $300.77/mo |
| 5% down | $285.73/mo |
| 10% down | $270.69/mo |
| 15% down | $255.66/mo |
| 20% down | $240.62/mo |
| 25% down | $225.58/mo |
| 30% down | $210.54/mo |
| 35% down | $195.50/mo |
| 40% down | $180.46/mo |
| 45% down | $165.42/mo |
| 50% down | $150.39/mo |
6% interest
| 0% down | $377.72/mo |
| 5% down | $358.83/mo |
| 10% down | $339.95/mo |
| 15% down | $321.06/mo |
| 20% down | $302.17/mo |
| 25% down | $283.29/mo |
| 30% down | $264.40/mo |
| 35% down | $245.52/mo |
| 40% down | $226.63/mo |
| 45% down | $207.74/mo |
| 50% down | $188.86/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.