$1,600 a Month Mortgage

How much mortgage can you get for $1,600 a month? Calculate home price based on $1,600 monthly payment.
$
%

With the parameters you selected, \${$pageVals->prettyPayment}/mo will pay for a {$big} home loan.

This does not include the cost of insurance, repairs, taxes, PMI, HSA dues, or other costs.

How expensive of a home can I buy for $1,600 a month?
This calculates the amount of a mortgage that you can get with a $1,600 monthly payment. This is calculated based on the monthly payment, interest rate APR, and loan length. Add the down payment to the loan amount to find the total amount of the house that 1,600/month will afford.
What other costs do I need to consider?
Property Taxes: After the mortgage, your property taxes are usually the biggest expense on a property. Taxes are usually reset to a higher amount after you buy a home. A quick way to estimate your property taxes is to find your local millage rate and multiply by the taxable value of your home. The previous owner typically has a lower taxable value than your purchase price. When the taxable value is reset, your property taxes could increase significantly.
Maintenance: Over time, things break and need to be repaired. Consider these regular costs.
HOA Fees: If you buy a condo, HOA fees can be a large expense and these typically increase over time as the property ages.
Home Insurance: Home insurance is typically not too big of an expense but this can vary by region.
Mortgage Fees: Compare mortgages based on both interest rates and fees. Fees can vary widely based on the mortgage provider.
Down Payment: A standard down payment on a 30 year fixed rate mortgage is 20% of the purchase price however many loan programs offer lower down payments.
Mortgage Amount by Monthly Payment - 30 Year Fixed Mortgage
Payment 3% APR 4% APR 5% APR 6% APR 7% APR
1,600 / mo 379,503 335,138 298,051 266,867 240,492
1,605 / mo 380,689 336,185 298,982 267,701 241,244
1,610 / mo 381,875 337,233 299,913 268,534 241,995
1,615 / mo 383,061 338,280 300,845 269,368 242,747
1,620 / mo 384,247 339,327 301,776 270,202 243,498
1,625 / mo 385,433 340,375 302,708 271,036 244,250
1,630 / mo 386,619 341,422 303,639 271,870 245,001
1,635 / mo 387,805 342,469 304,570 272,704 245,753
1,640 / mo 388,991 343,516 305,502 273,538 246,504
1,645 / mo 390,177 344,564 306,433 274,372 247,256
1,650 / mo 391,362 345,611 307,365 275,206 248,007
1,655 / mo 392,548 346,658 308,296 276,040 248,759
1,660 / mo 393,734 347,706 309,227 276,874 249,511
1,665 / mo 394,920 348,753 310,159 277,708 250,262
1,670 / mo 396,106 349,800 311,090 278,542 251,014
1,675 / mo 397,292 350,848 312,022 279,376 251,765
1,680 / mo 398,478 351,895 312,953 280,210 252,517
1,685 / mo 399,664 352,942 313,885 281,044 253,268
1,690 / mo 400,850 353,989 314,816 281,878 254,020
1,695 / mo 402,036 355,037 315,747 282,712 254,771
1,700 / mo 403,222 356,084 316,679 283,546 255,523
Loan Amount by Rate. 30 year fixed, $1,600/mo
Interest Rate Mortgage
2.000% 432,878
2.125% 425,643
2.250% 418,578
2.375% 411,679
2.500% 404,939
2.625% 398,356
2.750% 391,925
2.875% 385,642
3.000% 379,503
3.125% 373,504
3.250% 367,642
3.375% 361,912
3.500% 356,312
3.625% 350,838
3.750% 345,486
3.875% 340,254
4.000% 335,138
4.125% 330,135
4.250% 325,243
4.375% 320,458
4.500% 315,778
4.625% 311,200
4.750% 306,721
4.875% 302,338
5.000% 298,051
5.125% 293,855
5.250% 289,748
5.375% 285,729
5.500% 281,795
5.625% 277,944
5.750% 274,173
5.875% 270,481
6.000% 266,867
6.125% 263,327
6.250% 259,860
6.375% 256,464
6.500% 253,137
6.625% 249,879
6.750% 246,686
6.875% 243,558
7.000% 240,492