Use the mortgage calculator to calculate the cost of buying a $8k 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 8,000 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 $8,000 house.
$8,000 Home at 2%
| 0% down | $29.57/mo |
| 5% down | $28.09/mo |
| 10% down | $26.61/mo |
| 15% down | $25.13/mo |
| 20% down | $23.66/mo |
| 25% down | $22.18/mo |
| 30% down | $20.70/mo |
| 35% down | $19.22/mo |
| 40% down | $17.74/mo |
| 45% down | $16.26/mo |
| 50% down | $14.78/mo |
$8,000 Home at 4%
| 0% down | $38.19/mo |
| 5% down | $36.28/mo |
| 10% down | $34.37/mo |
| 15% down | $32.46/mo |
| 20% down | $30.55/mo |
| 25% down | $28.64/mo |
| 30% down | $26.74/mo |
| 35% down | $24.83/mo |
| 40% down | $22.92/mo |
| 45% down | $21.01/mo |
| 50% down | $19.10/mo |
$8,000 Home at 6%
| 0% down | $47.96/mo |
| 5% down | $45.57/mo |
| 10% down | $43.17/mo |
| 15% down | $40.77/mo |
| 20% down | $38.37/mo |
| 25% down | $35.97/mo |
| 30% down | $33.57/mo |
| 35% down | $31.18/mo |
| 40% down | $28.78/mo |
| 45% down | $26.38/mo |
| 50% down | $23.98/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.