Use the mortgage calculator to calculate the cost of buying a $402k 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 402,000 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 $402,000 house.
2% interest
| 0% down | $1,485.87/mo |
| 5% down | $1,411.58/mo |
| 10% down | $1,337.28/mo |
| 15% down | $1,262.99/mo |
| 20% down | $1,188.70/mo |
| 25% down | $1,114.40/mo |
| 30% down | $1,040.11/mo |
| 35% down | $965.82/mo |
| 40% down | $891.52/mo |
| 45% down | $817.23/mo |
| 50% down | $742.94/mo |
4% interest
| 0% down | $1,919.21/mo |
| 5% down | $1,823.25/mo |
| 10% down | $1,727.29/mo |
| 15% down | $1,631.33/mo |
| 20% down | $1,535.37/mo |
| 25% down | $1,439.41/mo |
| 30% down | $1,343.45/mo |
| 35% down | $1,247.49/mo |
| 40% down | $1,151.53/mo |
| 45% down | $1,055.57/mo |
| 50% down | $959.60/mo |
6% interest
| 0% down | $2,410.19/mo |
| 5% down | $2,289.68/mo |
| 10% down | $2,169.17/mo |
| 15% down | $2,048.66/mo |
| 20% down | $1,928.15/mo |
| 25% down | $1,807.64/mo |
| 30% down | $1,687.14/mo |
| 35% down | $1,566.63/mo |
| 40% down | $1,446.12/mo |
| 45% down | $1,325.61/mo |
| 50% down | $1,205.10/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.