How Much Does it Cost to Buy a 128,000 House?

Let's start with the biggest cost; the mortgage.

The monthly payment of a mortgage is based on the loan amount, interest rate, and loan length. Take a quick view of the chart to see potential payments for a $128,000 house with a 20% down payment of $25,600. This gives a loan amount of $102,400.

The chart below shows the monthly payment for 30 year mortgages.

30 Year Mortgage
102,400 at 2% 378.49
102,400 at 2.25% 391.42
102,400 at 2.5% 404.60
102,400 at 2.75% 418.04
102,400 at 3% 431.72
102,400 at 3.25% 445.65
102,400 at 3.5% 459.82
102,400 at 3.75% 474.23
102,400 at 4% 488.87
102,400 at 4.25% 503.75
102,400 at 4.5% 518.85
30 Year Mortgage
102,400 at 4.75% 534.17
102,400 at 5% 549.71
102,400 at 5.25% 565.46
102,400 at 5.5% 581.42
102,400 at 5.75% 597.58
102,400 at 6% 613.94
102,400 at 6.25% 630.49
102,400 at 6.5% 647.24
102,400 at 6.75% 664.16
102,400 at 7% 681.27
102,400 at 7.25% 698.55

To make a specific calculation for a mortgage payment, try the calculator below. Enter your loan details and click calculator.

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How much are property taxes on a 128,000 home?
After the mortgage the next biggest cost is usually property taxes. Property taxes vary based on the municipality. The big thing to remember is that they often increase significantly after buying a house. This is because the taxable value is usually reset to reflect the new purchase price. To estimate your new taxes, find your local property tax rate and multiply by your home value.

Pay attention to how taxable values are recorded. Many times the taxable value will be reset to 50% of the actual purchase price. For example, let's say that you buy a house for 128k. The taxable value might be recorded as 64,000. Then find your local property tax rate. This is often recorded as mills. 1 mill is equal to 1/1000 of a dollar. In this scenario we use a tax rate of 40 mills.
Purchase Price 128,000
Taxable Value 64,000
Millage Rate 40 Mills (4% of taxable value)
Property Taxes 2,560
While assessed values don't always reflect the new purchase price, be prepared to pay more property taxes than the previous owner.
How much is home insurance on a 128k Home?
Home insurance varies based on many factors. It is usually about 1% of the home value. The easiest way to find out is to get an insurance quote with an agent.
How much is the down payment on a 128k home?
A typical down payment is 20% of the purchase price. This would be 25,600 for a 128,000 house. Many programs allow for lower down payments, such as VA loans or first time home buyer loans.
Purchase Price 128,000
3.5% Down Payment 4,480
5% Down Payment 6,400
10% Down Payment 12,800
15% Down Payment 19,200
20% Down Payment 25,600
25% Down Payment 32,000