How Much Does it Cost to Buy a 165,000 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 $165,000 house with a 20% down payment of $33,000. This gives a loan amount of $132,000.

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

30 Year Mortgage
132,000 at 2% 487.90
132,000 at 2.25% 504.56
132,000 at 2.5% 521.56
132,000 at 2.75% 538.88
132,000 at 3% 556.52
132,000 at 3.25% 574.47
132,000 at 3.5% 592.74
132,000 at 3.75% 611.31
132,000 at 4% 630.19
132,000 at 4.25% 649.36
132,000 at 4.5% 668.82
30 Year Mortgage
132,000 at 4.75% 688.57
132,000 at 5% 708.60
132,000 at 5.25% 728.91
132,000 at 5.5% 749.48
132,000 at 5.75% 770.32
132,000 at 6% 791.41
132,000 at 6.25% 812.75
132,000 at 6.5% 834.33
132,000 at 6.75% 856.15
132,000 at 7% 878.20
132,000 at 7.25% 900.47

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 165,000 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 165k. The taxable value might be recorded as 82,500. 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 165,000
Taxable Value 82,500
Millage Rate 40 Mills (4% of taxable value)
Property Taxes 3,300
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 165k 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 165k home?
A typical down payment is 20% of the purchase price. This would be 33,000 for a 165,000 house. Many programs allow for lower down payments, such as VA loans or first time home buyer loans.
Purchase Price 165,000
3.5% Down Payment 5,775
5% Down Payment 8,250
10% Down Payment 16,500
15% Down Payment 24,750
20% Down Payment 33,000
25% Down Payment 41,250