Use the mortgage calculator to calculate the cost of buying a $98k 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 98,000 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 $98,000 house.
$98,000 Home at 2%
| 0% down | $362.23/mo |
| 5% down | $344.12/mo |
| 10% down | $326.00/mo |
| 15% down | $307.89/mo |
| 20% down | $289.78/mo |
| 25% down | $271.67/mo |
| 30% down | $253.56/mo |
| 35% down | $235.45/mo |
| 40% down | $217.34/mo |
| 45% down | $199.22/mo |
| 50% down | $181.11/mo |
$98,000 Home at 4%
| 0% down | $467.87/mo |
| 5% down | $444.47/mo |
| 10% down | $421.08/mo |
| 15% down | $397.69/mo |
| 20% down | $374.29/mo |
| 25% down | $350.90/mo |
| 30% down | $327.51/mo |
| 35% down | $304.11/mo |
| 40% down | $280.72/mo |
| 45% down | $257.33/mo |
| 50% down | $233.93/mo |
$98,000 Home at 6%
| 0% down | $587.56/mo |
| 5% down | $558.18/mo |
| 10% down | $528.80/mo |
| 15% down | $499.43/mo |
| 20% down | $470.05/mo |
| 25% down | $440.67/mo |
| 30% down | $411.29/mo |
| 35% down | $381.91/mo |
| 40% down | $352.54/mo |
| 45% down | $323.16/mo |
| 50% down | $293.78/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.