Use the mortgage calculator to calculate the cost of buying a $401k 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 401,000 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 $401,000 house.
$401,000 Home at 2%
| 0% down | $1,482.17/mo |
| 5% down | $1,408.07/mo |
| 10% down | $1,333.96/mo |
| 15% down | $1,259.85/mo |
| 20% down | $1,185.74/mo |
| 25% down | $1,111.63/mo |
| 30% down | $1,037.52/mo |
| 35% down | $963.41/mo |
| 40% down | $889.30/mo |
| 45% down | $815.20/mo |
| 50% down | $741.09/mo |
$401,000 Home at 4%
| 0% down | $1,914.44/mo |
| 5% down | $1,818.71/mo |
| 10% down | $1,722.99/mo |
| 15% down | $1,627.27/mo |
| 20% down | $1,531.55/mo |
| 25% down | $1,435.83/mo |
| 30% down | $1,340.10/mo |
| 35% down | $1,244.38/mo |
| 40% down | $1,148.66/mo |
| 45% down | $1,052.94/mo |
| 50% down | $957.22/mo |
$401,000 Home at 6%
| 0% down | $2,404.20/mo |
| 5% down | $2,283.99/mo |
| 10% down | $2,163.78/mo |
| 15% down | $2,043.57/mo |
| 20% down | $1,923.36/mo |
| 25% down | $1,803.15/mo |
| 30% down | $1,682.94/mo |
| 35% down | $1,562.73/mo |
| 40% down | $1,442.52/mo |
| 45% down | $1,322.31/mo |
| 50% down | $1,202.10/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.