Use the mortgage calculator to calculate the cost of buying a $97k 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 97,000 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 $97,000 house.
$97,000 Home at 2%
| 0% down | $358.53/mo |
| 5% down | $340.60/mo |
| 10% down | $322.68/mo |
| 15% down | $304.75/mo |
| 20% down | $286.82/mo |
| 25% down | $268.90/mo |
| 30% down | $250.97/mo |
| 35% down | $233.05/mo |
| 40% down | $215.12/mo |
| 45% down | $197.19/mo |
| 50% down | $179.27/mo |
$97,000 Home at 4%
| 0% down | $463.09/mo |
| 5% down | $439.94/mo |
| 10% down | $416.78/mo |
| 15% down | $393.63/mo |
| 20% down | $370.47/mo |
| 25% down | $347.32/mo |
| 30% down | $324.16/mo |
| 35% down | $301.01/mo |
| 40% down | $277.86/mo |
| 45% down | $254.70/mo |
| 50% down | $231.55/mo |
$97,000 Home at 6%
| 0% down | $581.56/mo |
| 5% down | $552.49/mo |
| 10% down | $523.41/mo |
| 15% down | $494.33/mo |
| 20% down | $465.25/mo |
| 25% down | $436.17/mo |
| 30% down | $407.09/mo |
| 35% down | $378.02/mo |
| 40% down | $348.94/mo |
| 45% down | $319.86/mo |
| 50% down | $290.78/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.