$488,000 Mortgage Loan Payments and Costs

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Loan Summary


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.
2% interest
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
4% interest
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
6% interest
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.
What's the payment on a 488,000 house with a 20% down payment?
($390,400 loan. 30 year mortgage)
0.25%$1,125.73
0.50%$1,168.04
0.75%$1,211.35
1.00%$1,255.68
1.25%$1,301.01
1.50%$1,347.35
1.75%$1,394.68
2.00%$1,442.99
2.25%$1,492.29
2.50%$1,542.55
2.75%$1,593.77
3.00%$1,645.94
3.25%$1,699.05
3.50%$1,753.07
3.75%$1,808.00
4.00%$1,863.83
4.25%$1,920.53
4.50%$1,978.10
4.75%$2,036.51
5.00%$2,095.75
5.25%$2,155.80
5.50%$2,216.65
5.75%$2,278.27
6.00%$2,340.65
6.25%$2,403.76
6.50%$2,467.59
6.75%$2,532.13
7.00%$2,597.34
7.25%$2,663.22
7.50%$2,729.73
7.75%$2,796.87
8.00%$2,864.62
8.25%$2,932.94
8.50%$3,001.84
8.75%$3,071.28
9.00%$3,141.25
9.25%$3,211.72
9.50%$3,282.69
9.75%$3,354.14
10.00%$3,426.04
10.25%$3,498.38
10.50%$3,571.14
10.75%$3,644.31
11.00%$3,717.87
11.25%$3,791.80
11.50%$3,866.10
11.75%$3,940.74
12.00%$4,015.70