Use the mortgage calculator to calculate the cost of buying a $86k 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 86,000 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 $86,000 house.
2% interest
| 0% down | $317.87/mo |
| 5% down | $301.98/mo |
| 10% down | $286.09/mo |
| 15% down | $270.19/mo |
| 20% down | $254.30/mo |
| 25% down | $238.40/mo |
| 30% down | $222.51/mo |
| 35% down | $206.62/mo |
| 40% down | $190.72/mo |
| 45% down | $174.83/mo |
| 50% down | $158.94/mo |
4% interest
| 0% down | $410.58/mo |
| 5% down | $390.05/mo |
| 10% down | $369.52/mo |
| 15% down | $348.99/mo |
| 20% down | $328.46/mo |
| 25% down | $307.93/mo |
| 30% down | $287.40/mo |
| 35% down | $266.88/mo |
| 40% down | $246.35/mo |
| 45% down | $225.82/mo |
| 50% down | $205.29/mo |
6% interest
| 0% down | $515.61/mo |
| 5% down | $489.83/mo |
| 10% down | $464.05/mo |
| 15% down | $438.27/mo |
| 20% down | $412.49/mo |
| 25% down | $386.71/mo |
| 30% down | $360.93/mo |
| 35% down | $335.15/mo |
| 40% down | $309.37/mo |
| 45% down | $283.59/mo |
| 50% down | $257.81/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.