Mortgage Costs for a $59,000 Home

Monthly Payment Options

Here are the monthly payments for a $59,000 home loan based on a down payment and current mortgage rate averages from Freddie Mac as of 3/21/2024. To make a specific calculation, visit the amortization calculator.

Down Payment
(% - Amount)
15 Year Mortgage
(6.21% Fixed Rate)
30 Year Mortgage
(6.87% Fixed Rate)
0% - $0$505$387
3% - $1,770$489$376
5% - $2,950$479$368
7% - $4,130$469$360
10% - $5,900$454$349
15% - $8,850$429$329
20% - $11,800$404$310
25% - $14,750$378$291
30% - $17,700$353$271

Use our amortization calculator to create a printable payment schedule for any of these options. Just subtract your down payment from the home price and enter that number as the loan's principal.

Total Costs Comparison

Here are the total cost (principal and interest) of each mortgage option not including the down payment.

Down Payment
(% - Amount)
15 Year Mortgage
(6.21% Fixed Rate)
30 Year Mortgage
(6.87% Fixed Rate)
0% - $0$90,827$139,461
3% - $1,770$88,102$135,277
5% - $2,950$86,286$132,488
7% - $4,130$84,469$129,698
10% - $5,900$81,744$125,515
15% - $8,850$77,203$118,542
20% - $11,800$72,662$111,569
25% - $14,750$68,120$104,596
30% - $17,700$63,579$97,623
Can I Afford a $59,000 Home?

Financial advisors recommend that your mortgage payment should be no more than 28% of your monthly household income. Considering that fact, here are the minimum required monthly incomes you need to afford this house based on your down payment.

Down Payment
(% - Amount)
15 Year Mortgage
Household Income
30 Year Mortgage
Household Income
0% - $0$1,802$1,384
3% - $1,770$1,748$1,342
5% - $2,950$1,712$1,314
7% - $4,130$1,676$1,287
10% - $5,900$1,622$1,245
15% - $8,850$1,532$1,176
20% - $11,800$1,442$1,107
25% - $14,750$1,352$1,038
30% - $17,700$1,261$968
Additional Fees to Consider

There are many additional fees that are associated with purchasing a home. Be sure to budget for these types of costs when making your purchase decision.

Fee Cost Description
Private Mortgage Insurance (PMI) A down payment of less than 20% often requires PMI which will increase your monthly payment. For a $59,000 home, a 20% down payment would be $11,800.
Home Purchasing Fees The buyer of a home will usually be required to pay for an inspection, closing costs and other fees during the closing process.
Taxes and Insurance Purchasing a more expensive home than before will usually result in paying more in taxes and insurance.
Homeowners' Association Fees Buying a home in a condominium or planned development may require paying a monthly or yearly fee.
Home Repairs and Improvements A house will often require repairs that were identified during the inspection process. This can range from very minor upgrades to significant repairs costing thousands of dollars. Make sure to also consider the replacement costs of older appliances in the house as they may need to be replaced at anytime.
Disclaimer

This information is provided "as-is" and should only be used for general informational purposes. All costs were rounded to the nearest dollar to make the page more legible. Although the cost calculations are believed to be reliable, its accuracy is not warranted in any way.