Use the mortgage calculator to calculate the cost of buying a $494k 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 494,000 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 $494,000 house.
$494,000 Home at 2%
0% down | $1,825.92/mo |
5% down | $1,734.62/mo |
10% down | $1,643.33/mo |
15% down | $1,552.03/mo |
20% down | $1,460.74/mo |
25% down | $1,369.44/mo |
30% down | $1,278.14/mo |
35% down | $1,186.85/mo |
40% down | $1,095.55/mo |
45% down | $1,004.26/mo |
50% down | $912.96/mo |
$494,000 Home at 4%
0% down | $2,358.43/mo |
5% down | $2,240.51/mo |
10% down | $2,122.59/mo |
15% down | $2,004.67/mo |
20% down | $1,886.75/mo |
25% down | $1,768.82/mo |
30% down | $1,650.90/mo |
35% down | $1,532.98/mo |
40% down | $1,415.06/mo |
45% down | $1,297.14/mo |
50% down | $1,179.22/mo |
$494,000 Home at 6%
0% down | $2,961.78/mo |
5% down | $2,813.69/mo |
10% down | $2,665.60/mo |
15% down | $2,517.51/mo |
20% down | $2,369.42/mo |
25% down | $2,221.33/mo |
30% down | $2,073.25/mo |
35% down | $1,925.16/mo |
40% down | $1,777.07/mo |
45% down | $1,628.98/mo |
50% down | $1,480.89/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.