Use the mortgage calculator to calculate the cost of buying a $408k 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 408,000 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 $408,000 house.
$408,000 Home at 2%
| 0% down | $1,508.05/mo |
| 5% down | $1,432.65/mo |
| 10% down | $1,357.24/mo |
| 15% down | $1,281.84/mo |
| 20% down | $1,206.44/mo |
| 25% down | $1,131.04/mo |
| 30% down | $1,055.63/mo |
| 35% down | $980.23/mo |
| 40% down | $904.83/mo |
| 45% down | $829.43/mo |
| 50% down | $754.02/mo |
$408,000 Home at 4%
| 0% down | $1,947.85/mo |
| 5% down | $1,850.46/mo |
| 10% down | $1,753.07/mo |
| 15% down | $1,655.68/mo |
| 20% down | $1,558.28/mo |
| 25% down | $1,460.89/mo |
| 30% down | $1,363.50/mo |
| 35% down | $1,266.11/mo |
| 40% down | $1,168.71/mo |
| 45% down | $1,071.32/mo |
| 50% down | $973.93/mo |
$408,000 Home at 6%
| 0% down | $2,446.17/mo |
| 5% down | $2,323.86/mo |
| 10% down | $2,201.55/mo |
| 15% down | $2,079.24/mo |
| 20% down | $1,956.93/mo |
| 25% down | $1,834.62/mo |
| 30% down | $1,712.32/mo |
| 35% down | $1,590.01/mo |
| 40% down | $1,467.70/mo |
| 45% down | $1,345.39/mo |
| 50% down | $1,223.08/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.