Use the mortgage calculator to calculate the cost of buying a $420k 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 420,000 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 $420,000 house.
2% interest
| 0% down | $1,552.40/mo |
| 5% down | $1,474.78/mo |
| 10% down | $1,397.16/mo |
| 15% down | $1,319.54/mo |
| 20% down | $1,241.92/mo |
| 25% down | $1,164.30/mo |
| 30% down | $1,086.68/mo |
| 35% down | $1,009.06/mo |
| 40% down | $931.44/mo |
| 45% down | $853.82/mo |
| 50% down | $776.20/mo |
4% interest
| 0% down | $2,005.14/mo |
| 5% down | $1,904.89/mo |
| 10% down | $1,804.63/mo |
| 15% down | $1,704.37/mo |
| 20% down | $1,604.12/mo |
| 25% down | $1,503.86/mo |
| 30% down | $1,403.60/mo |
| 35% down | $1,303.34/mo |
| 40% down | $1,203.09/mo |
| 45% down | $1,102.83/mo |
| 50% down | $1,002.57/mo |
6% interest
| 0% down | $2,518.11/mo |
| 5% down | $2,392.21/mo |
| 10% down | $2,266.30/mo |
| 15% down | $2,140.40/mo |
| 20% down | $2,014.49/mo |
| 25% down | $1,888.58/mo |
| 30% down | $1,762.68/mo |
| 35% down | $1,636.77/mo |
| 40% down | $1,510.87/mo |
| 45% down | $1,384.96/mo |
| 50% down | $1,259.06/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.