Can I Afford a $100K Home in Alabama?
Complete mortgage breakdown for a $100,000 home in Alabama, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$759/mo
P&I: $526 + Tax: $33 + Insurance: $200
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $911 | $39,042 |
| 5% | $5,000 | $897 | $38,443 |
| 10% | $10,000 | $862 | $36,946 |
| 20% | $20,000 | $759 | $32,523 |
Monthly Cost Breakdown (Alabama)
Principal & Interest
$526/mo
Property Tax (0.4%)
$33/mo
Homeowners Insurance
$200/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$32,523/yr
Minimum gross income
36% Rule (All Debt)
$25,296/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Alabama
A $100,000 home in Alabama is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $759 is achievable on a salary of $32,523 or more. Alabama's property tax rate of 0.4% is relatively low, helping keep costs down.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Alabama.