Use the mortgage calculator to calculate the cost of buying a $586k 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 586,000 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 $586,000 house.
$586,000 Home at 2%
| 0% down | $2,165.97/mo |
| 5% down | $2,057.67/mo |
| 10% down | $1,949.37/mo |
| 15% down | $1,841.07/mo |
| 20% down | $1,732.78/mo |
| 25% down | $1,624.48/mo |
| 30% down | $1,516.18/mo |
| 35% down | $1,407.88/mo |
| 40% down | $1,299.58/mo |
| 45% down | $1,191.28/mo |
| 50% down | $1,082.99/mo |
$586,000 Home at 4%
| 0% down | $2,797.65/mo |
| 5% down | $2,657.77/mo |
| 10% down | $2,517.89/mo |
| 15% down | $2,378.01/mo |
| 20% down | $2,238.12/mo |
| 25% down | $2,098.24/mo |
| 30% down | $1,958.36/mo |
| 35% down | $1,818.47/mo |
| 40% down | $1,678.59/mo |
| 45% down | $1,538.71/mo |
| 50% down | $1,398.83/mo |
$586,000 Home at 6%
| 0% down | $3,513.37/mo |
| 5% down | $3,337.70/mo |
| 10% down | $3,162.03/mo |
| 15% down | $2,986.36/mo |
| 20% down | $2,810.69/mo |
| 25% down | $2,635.02/mo |
| 30% down | $2,459.36/mo |
| 35% down | $2,283.69/mo |
| 40% down | $2,108.02/mo |
| 45% down | $1,932.35/mo |
| 50% down | $1,756.68/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.