Use the mortgage calculator to calculate the cost of buying a $985k 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 985,000 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 $985,000 house.
$985,000 Home at 2%
| 0% down | $3,640.75/mo |
| 5% down | $3,458.71/mo |
| 10% down | $3,276.68/mo |
| 15% down | $3,094.64/mo |
| 20% down | $2,912.60/mo |
| 25% down | $2,730.56/mo |
| 30% down | $2,548.53/mo |
| 35% down | $2,366.49/mo |
| 40% down | $2,184.45/mo |
| 45% down | $2,002.41/mo |
| 50% down | $1,820.38/mo |
$985,000 Home at 4%
| 0% down | $4,702.54/mo |
| 5% down | $4,467.41/mo |
| 10% down | $4,232.29/mo |
| 15% down | $3,997.16/mo |
| 20% down | $3,762.03/mo |
| 25% down | $3,526.91/mo |
| 30% down | $3,291.78/mo |
| 35% down | $3,056.65/mo |
| 40% down | $2,821.52/mo |
| 45% down | $2,586.40/mo |
| 50% down | $2,351.27/mo |
$985,000 Home at 6%
| 0% down | $5,905.57/mo |
| 5% down | $5,610.29/mo |
| 10% down | $5,315.02/mo |
| 15% down | $5,019.74/mo |
| 20% down | $4,724.46/mo |
| 25% down | $4,429.18/mo |
| 30% down | $4,133.90/mo |
| 35% down | $3,838.62/mo |
| 40% down | $3,543.34/mo |
| 45% down | $3,248.06/mo |
| 50% down | $2,952.79/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.