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Mortgage Calculator — Birmingham, AL
Median home price in Birmingham: $190,000. Monthly payment: $1,011/month (20% down, 7%, 30yr). Property tax rate: 0.43%.
= $38,000
Monthly Payment
$1,011
Loan Amount
$152,000
Total Interest
$212,054
Total Cost
$402,054
Payment Breakdown
Down Payment$38,000 (9.5%)
Principal$152,000 (37.8%)
Total Interest$212,054 (52.7%)
Birmingham Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $1,242 | $863 | $158,694 |
| 6% | $1,283 | $911 | $176,074 |
| 6.5% | $1,324 | $961 | $193,868 |
| 6.75% | $1,345 | $986 | $202,913 |
| 7% | $1,366 | $1,011 | $212,054 |
| 7.25% | $1,388 | $1,037 | $221,287 |
| 7.5% | $1,409 | $1,063 | $230,610 |
| 8% | $1,453 | $1,115 | $249,516 |
Birmingham Property Tax & Total Housing Cost
Property Tax Rate
0.43%
$817/year
Monthly P&I
$1,011
20% down, 7%, 30yr
Est. Total Monthly
$1,079
P&I + property tax
Affordability in Birmingham
10% down ($19,000)$51,675/yr needed
15% down ($28,500)$48,966/yr needed
20% down ($38,000)$46,258/yr needed
25% down ($47,500)$43,549/yr needed
Based on 28% housing cost rule. Includes property tax.