Use the mortgage calculator to calculate the cost of buying a $500k home. Change the numbers to see different options.
This calc can be used for car loans, debt, real estate, home purchase, etc.
Can I afford a 500,000 dollar house? It depends.
In addition to the mortgage payment, a home also has insurance, maintenance, and taxes.
Taxes can vary drastically by area. A very rough estimate is to not spend more than 30% of your income
on housing.
How do I get a mortgage? A simple first step is to talk to a local banker and fill out a mortgage application. Then consider other offers, either local or online.
How much of a down payment should I make? Here's a little chart that shows monthly payments based on down payment for a $500,000 house.
$500,000 Home at 2%
| 0% down | $1,848.10/mo |
| 5% down | $1,755.69/mo |
| 10% down | $1,663.29/mo |
| 15% down | $1,570.88/mo |
| 20% down | $1,478.48/mo |
| 25% down | $1,386.07/mo |
| 30% down | $1,293.67/mo |
| 35% down | $1,201.26/mo |
| 40% down | $1,108.86/mo |
| 45% down | $1,016.45/mo |
| 50% down | $924.05/mo |
$500,000 Home at 4%
| 0% down | $2,387.08/mo |
| 5% down | $2,267.72/mo |
| 10% down | $2,148.37/mo |
| 15% down | $2,029.02/mo |
| 20% down | $1,909.66/mo |
| 25% down | $1,790.31/mo |
| 30% down | $1,670.95/mo |
| 35% down | $1,551.60/mo |
| 40% down | $1,432.25/mo |
| 45% down | $1,312.89/mo |
| 50% down | $1,193.54/mo |
$500,000 Home at 6%
| 0% down | $2,997.75/mo |
| 5% down | $2,847.86/mo |
| 10% down | $2,697.98/mo |
| 15% down | $2,548.09/mo |
| 20% down | $2,398.20/mo |
| 25% down | $2,248.31/mo |
| 30% down | $2,098.43/mo |
| 35% down | $1,948.54/mo |
| 40% down | $1,798.65/mo |
| 45% down | $1,648.76/mo |
| 50% down | $1,498.88/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.