Use the mortgage calculator to calculate the cost of buying a $503k 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 503,000 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 $503,000 house.
2% interest
| 0% down | $1,859.19/mo |
| 5% down | $1,766.23/mo |
| 10% down | $1,673.27/mo |
| 15% down | $1,580.31/mo |
| 20% down | $1,487.35/mo |
| 25% down | $1,394.39/mo |
| 30% down | $1,301.43/mo |
| 35% down | $1,208.47/mo |
| 40% down | $1,115.51/mo |
| 45% down | $1,022.55/mo |
| 50% down | $929.59/mo |
4% interest
| 0% down | $2,401.40/mo |
| 5% down | $2,281.33/mo |
| 10% down | $2,161.26/mo |
| 15% down | $2,041.19/mo |
| 20% down | $1,921.12/mo |
| 25% down | $1,801.05/mo |
| 30% down | $1,680.98/mo |
| 35% down | $1,560.91/mo |
| 40% down | $1,440.84/mo |
| 45% down | $1,320.77/mo |
| 50% down | $1,200.70/mo |
6% interest
| 0% down | $3,015.74/mo |
| 5% down | $2,864.95/mo |
| 10% down | $2,714.17/mo |
| 15% down | $2,563.38/mo |
| 20% down | $2,412.59/mo |
| 25% down | $2,261.80/mo |
| 30% down | $2,111.02/mo |
| 35% down | $1,960.23/mo |
| 40% down | $1,809.44/mo |
| 45% down | $1,658.66/mo |
| 50% down | $1,507.87/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.