Use the mortgage calculator to calculate the cost of buying a $400k 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 400,000 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 $400,000 house.
$400,000 Home at 2%
| 0% down | $1,478.48/mo |
| 5% down | $1,404.55/mo |
| 10% down | $1,330.63/mo |
| 15% down | $1,256.71/mo |
| 20% down | $1,182.78/mo |
| 25% down | $1,108.86/mo |
| 30% down | $1,034.93/mo |
| 35% down | $961.01/mo |
| 40% down | $887.09/mo |
| 45% down | $813.16/mo |
| 50% down | $739.24/mo |
$400,000 Home at 4%
| 0% down | $1,909.66/mo |
| 5% down | $1,814.18/mo |
| 10% down | $1,718.70/mo |
| 15% down | $1,623.21/mo |
| 20% down | $1,527.73/mo |
| 25% down | $1,432.25/mo |
| 30% down | $1,336.76/mo |
| 35% down | $1,241.28/mo |
| 40% down | $1,145.80/mo |
| 45% down | $1,050.31/mo |
| 50% down | $954.83/mo |
$400,000 Home at 6%
| 0% down | $2,398.20/mo |
| 5% down | $2,278.29/mo |
| 10% down | $2,158.38/mo |
| 15% down | $2,038.47/mo |
| 20% down | $1,918.56/mo |
| 25% down | $1,798.65/mo |
| 30% down | $1,678.74/mo |
| 35% down | $1,558.83/mo |
| 40% down | $1,438.92/mo |
| 45% down | $1,319.01/mo |
| 50% down | $1,199.10/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.