Use the mortgage calculator to calculate the cost of buying a $7k 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 7,000 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 $7,000 house.
$7,000 Home at 2%
| 0% down | $25.87/mo |
| 5% down | $24.58/mo |
| 10% down | $23.29/mo |
| 15% down | $21.99/mo |
| 20% down | $20.70/mo |
| 25% down | $19.41/mo |
| 30% down | $18.11/mo |
| 35% down | $16.82/mo |
| 40% down | $15.52/mo |
| 45% down | $14.23/mo |
| 50% down | $12.94/mo |
$7,000 Home at 4%
| 0% down | $33.42/mo |
| 5% down | $31.75/mo |
| 10% down | $30.08/mo |
| 15% down | $28.41/mo |
| 20% down | $26.74/mo |
| 25% down | $25.06/mo |
| 30% down | $23.39/mo |
| 35% down | $21.72/mo |
| 40% down | $20.05/mo |
| 45% down | $18.38/mo |
| 50% down | $16.71/mo |
$7,000 Home at 6%
| 0% down | $41.97/mo |
| 5% down | $39.87/mo |
| 10% down | $37.77/mo |
| 15% down | $35.67/mo |
| 20% down | $33.57/mo |
| 25% down | $31.48/mo |
| 30% down | $29.38/mo |
| 35% down | $27.28/mo |
| 40% down | $25.18/mo |
| 45% down | $23.08/mo |
| 50% down | $20.98/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.