How to Use

Enter your loan details into the box and click calculate. Check the amortization table box to show the amortization schedule over the life of the loan.

How much does it cost to buy a 24k Home?

Use the calculator above to estimate the mortgage payment for a home. In addition to the mortgage payment, consider other costs such as home insurance, property taxes, and maintenance. Pay close attention to closing costs as this can vary based on the mortgage provider. Lower down payments might need to pay PMI and condos usually have HOA fees.

What's the down payment on a 24k Home?

A typical down payment is 20% although this can depend on many factors. VA loans often offer zero down payment loans. First time home buyer programs offer down payments of 3.5%. Other low down payment loans exist.

Purchase Price	Percent Down Payment	Down Payment
24,000	3.5%	840
24,000	5%	1,200
24,000	10%	2,400
24,000	20%	4,800
24,000	25%	6,000

What are the property taxes on a 24k Home?

Property taxes depend on the tax rate in your municipality and the taxable value of your home. After buying a home, the taxable value is often reassessed.

It is common for the assessed value of a home to be roughly 50% of the purchase price of the home. This depends on the area. Over time the assessed value increases but the taxable value increases at a lower rate. When the home is sold again, the taxable value often gets increased significantly. For example, let's say you bought a home for $24,000 in an area with a tax rate of 40 mills. The taxable value is set to 50% of the purchase price.

	Previous Owner	New Owner
Purchase Price		24,000
Tax Rate	40 mills (4% of taxable value)	40 mills (4% of taxable value)
Taxable Value	7,200	12,000
Property Taxes	288	480

How to get the best interest rates on a 24k Mortgage?

The key to finding the best interest rates is to shop around. Compare rates online but also get quotes from a local bank or credit union. Make sure to include all the closing costs in your comparison. See below how small changes in interest rates can affect the total amount that you pay for your mortgage.

Rate	Loan Amount	Monthly Payment	Total Paid Over 30 Years (360 Payments)
4%	24,000	114.58	41,248.68
5%	24,000	128.84	46,381.39
6%	24,000	143.89	51,801.17
7%	24,000	159.67	57,482.14
8%	24,000	176.10	63,397.26

How do interest rates and loan term affect the monthly payment of a 24k Home?

View the payment table below to see how the monthly payment changes depending on the APR and loan length. A 30 year fixed mortgage is the most common type of mortgage but some people opt for a 15 year fixed mortgage or a shorter term ARM.