Use the mortgage calculator to calculate the cost of buying a $488k 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 488,000 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 $488,000 house.
$488,000 Home at 2%
| 0% down | $1,803.74/mo |
| 5% down | $1,713.56/mo |
| 10% down | $1,623.37/mo |
| 15% down | $1,533.18/mo |
| 20% down | $1,442.99/mo |
| 25% down | $1,352.81/mo |
| 30% down | $1,262.62/mo |
| 35% down | $1,172.43/mo |
| 40% down | $1,082.25/mo |
| 45% down | $992.06/mo |
| 50% down | $901.87/mo |
$488,000 Home at 4%
| 0% down | $2,329.79/mo |
| 5% down | $2,213.30/mo |
| 10% down | $2,096.81/mo |
| 15% down | $1,980.32/mo |
| 20% down | $1,863.83/mo |
| 25% down | $1,747.34/mo |
| 30% down | $1,630.85/mo |
| 35% down | $1,514.36/mo |
| 40% down | $1,397.87/mo |
| 45% down | $1,281.38/mo |
| 50% down | $1,164.89/mo |
$488,000 Home at 6%
| 0% down | $2,925.81/mo |
| 5% down | $2,779.52/mo |
| 10% down | $2,633.23/mo |
| 15% down | $2,486.94/mo |
| 20% down | $2,340.65/mo |
| 25% down | $2,194.35/mo |
| 30% down | $2,048.06/mo |
| 35% down | $1,901.77/mo |
| 40% down | $1,755.48/mo |
| 45% down | $1,609.19/mo |
| 50% down | $1,462.90/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.