Use the mortgage calculator to calculate the cost of buying a $516k 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 516,000 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 $516,000 house.
$516,000 Home at 2%
| 0% down | $1,907.24/mo |
| 5% down | $1,811.87/mo |
| 10% down | $1,716.51/mo |
| 15% down | $1,621.15/mo |
| 20% down | $1,525.79/mo |
| 25% down | $1,430.43/mo |
| 30% down | $1,335.07/mo |
| 35% down | $1,239.70/mo |
| 40% down | $1,144.34/mo |
| 45% down | $1,048.98/mo |
| 50% down | $953.62/mo |
$516,000 Home at 4%
| 0% down | $2,463.46/mo |
| 5% down | $2,340.29/mo |
| 10% down | $2,217.12/mo |
| 15% down | $2,093.94/mo |
| 20% down | $1,970.77/mo |
| 25% down | $1,847.60/mo |
| 30% down | $1,724.42/mo |
| 35% down | $1,601.25/mo |
| 40% down | $1,478.08/mo |
| 45% down | $1,354.90/mo |
| 50% down | $1,231.73/mo |
$516,000 Home at 6%
| 0% down | $3,093.68/mo |
| 5% down | $2,939.00/mo |
| 10% down | $2,784.31/mo |
| 15% down | $2,629.63/mo |
| 20% down | $2,474.94/mo |
| 25% down | $2,320.26/mo |
| 30% down | $2,165.58/mo |
| 35% down | $2,010.89/mo |
| 40% down | $1,856.21/mo |
| 45% down | $1,701.52/mo |
| 50% down | $1,546.84/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.