$7,000 Mortgage Loan Payments and Costs

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Loan Summary


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.
2% interest
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
4% interest
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
6% interest
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.
What's the payment on a 7,000 house with a 20% down payment?
($5,600 loan. 30 year mortgage)
0.25%$16.15
0.50%$16.75
0.75%$17.38
1.00%$18.01
1.25%$18.66
1.50%$19.33
1.75%$20.01
2.00%$20.70
2.25%$21.41
2.50%$22.13
2.75%$22.86
3.00%$23.61
3.25%$24.37
3.50%$25.15
3.75%$25.93
4.00%$26.74
4.25%$27.55
4.50%$28.37
4.75%$29.21
5.00%$30.06
5.25%$30.92
5.50%$31.80
5.75%$32.68
6.00%$33.57
6.25%$34.48
6.50%$35.40
6.75%$36.32
7.00%$37.26
7.25%$38.20
7.50%$39.16
7.75%$40.12
8.00%$41.09
8.25%$42.07
8.50%$43.06
8.75%$44.06
9.00%$45.06
9.25%$46.07
9.50%$47.09
9.75%$48.11
10.00%$49.14
10.25%$50.18
10.50%$51.23
10.75%$52.27
11.00%$53.33
11.25%$54.39
11.50%$55.46
11.75%$56.53
12.00%$57.60