Use the mortgage calculator to calculate the cost of buying a $700k 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 700,000 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 $700,000 house.
$700,000 Home at 2%
| 0% down | $2,587.34/mo |
| 5% down | $2,457.97/mo |
| 10% down | $2,328.60/mo |
| 15% down | $2,199.24/mo |
| 20% down | $2,069.87/mo |
| 25% down | $1,940.50/mo |
| 30% down | $1,811.14/mo |
| 35% down | $1,681.77/mo |
| 40% down | $1,552.40/mo |
| 45% down | $1,423.03/mo |
| 50% down | $1,293.67/mo |
$700,000 Home at 4%
| 0% down | $3,341.91/mo |
| 5% down | $3,174.81/mo |
| 10% down | $3,007.72/mo |
| 15% down | $2,840.62/mo |
| 20% down | $2,673.53/mo |
| 25% down | $2,506.43/mo |
| 30% down | $2,339.33/mo |
| 35% down | $2,172.24/mo |
| 40% down | $2,005.14/mo |
| 45% down | $1,838.05/mo |
| 50% down | $1,670.95/mo |
$700,000 Home at 6%
| 0% down | $4,196.85/mo |
| 5% down | $3,987.01/mo |
| 10% down | $3,777.17/mo |
| 15% down | $3,567.33/mo |
| 20% down | $3,357.48/mo |
| 25% down | $3,147.64/mo |
| 30% down | $2,937.80/mo |
| 35% down | $2,727.95/mo |
| 40% down | $2,518.11/mo |
| 45% down | $2,308.27/mo |
| 50% down | $2,098.43/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.