Use the mortgage calculator to calculate the cost of buying a $504k 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 504,000 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 $504,000 house.
2% interest
| 0% down | $1,862.88/mo |
| 5% down | $1,769.74/mo |
| 10% down | $1,676.59/mo |
| 15% down | $1,583.45/mo |
| 20% down | $1,490.31/mo |
| 25% down | $1,397.16/mo |
| 30% down | $1,304.02/mo |
| 35% down | $1,210.87/mo |
| 40% down | $1,117.73/mo |
| 45% down | $1,024.59/mo |
| 50% down | $931.44/mo |
4% interest
| 0% down | $2,406.17/mo |
| 5% down | $2,285.86/mo |
| 10% down | $2,165.56/mo |
| 15% down | $2,045.25/mo |
| 20% down | $1,924.94/mo |
| 25% down | $1,804.63/mo |
| 30% down | $1,684.32/mo |
| 35% down | $1,564.01/mo |
| 40% down | $1,443.70/mo |
| 45% down | $1,323.40/mo |
| 50% down | $1,203.09/mo |
6% interest
| 0% down | $3,021.73/mo |
| 5% down | $2,870.65/mo |
| 10% down | $2,719.56/mo |
| 15% down | $2,568.47/mo |
| 20% down | $2,417.39/mo |
| 25% down | $2,266.30/mo |
| 30% down | $2,115.21/mo |
| 35% down | $1,964.13/mo |
| 40% down | $1,813.04/mo |
| 45% down | $1,661.95/mo |
| 50% down | $1,510.87/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.