Use the mortgage calculator to calculate the cost of buying a $397k 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 397,000 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 $397,000 house.
$397,000 Home at 2%
| 0% down | $1,467.39/mo |
| 5% down | $1,394.02/mo |
| 10% down | $1,320.65/mo |
| 15% down | $1,247.28/mo |
| 20% down | $1,173.91/mo |
| 25% down | $1,100.54/mo |
| 30% down | $1,027.17/mo |
| 35% down | $953.80/mo |
| 40% down | $880.43/mo |
| 45% down | $807.06/mo |
| 50% down | $733.69/mo |
$397,000 Home at 4%
| 0% down | $1,895.34/mo |
| 5% down | $1,800.57/mo |
| 10% down | $1,705.80/mo |
| 15% down | $1,611.04/mo |
| 20% down | $1,516.27/mo |
| 25% down | $1,421.50/mo |
| 30% down | $1,326.74/mo |
| 35% down | $1,231.97/mo |
| 40% down | $1,137.20/mo |
| 45% down | $1,042.44/mo |
| 50% down | $947.67/mo |
$397,000 Home at 6%
| 0% down | $2,380.22/mo |
| 5% down | $2,261.20/mo |
| 10% down | $2,142.19/mo |
| 15% down | $2,023.18/mo |
| 20% down | $1,904.17/mo |
| 25% down | $1,785.16/mo |
| 30% down | $1,666.15/mo |
| 35% down | $1,547.14/mo |
| 40% down | $1,428.13/mo |
| 45% down | $1,309.12/mo |
| 50% down | $1,190.11/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.