Use the mortgage calculator to calculate the cost of buying a $505k 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 505,000 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 $505,000 house.
$505,000 Home at 2%
| 0% down | $1,866.58/mo |
| 5% down | $1,773.25/mo |
| 10% down | $1,679.92/mo |
| 15% down | $1,586.59/mo |
| 20% down | $1,493.26/mo |
| 25% down | $1,399.93/mo |
| 30% down | $1,306.60/mo |
| 35% down | $1,213.28/mo |
| 40% down | $1,119.95/mo |
| 45% down | $1,026.62/mo |
| 50% down | $933.29/mo |
$505,000 Home at 4%
| 0% down | $2,410.95/mo |
| 5% down | $2,290.40/mo |
| 10% down | $2,169.85/mo |
| 15% down | $2,049.31/mo |
| 20% down | $1,928.76/mo |
| 25% down | $1,808.21/mo |
| 30% down | $1,687.66/mo |
| 35% down | $1,567.12/mo |
| 40% down | $1,446.57/mo |
| 45% down | $1,326.02/mo |
| 50% down | $1,205.47/mo |
$505,000 Home at 6%
| 0% down | $3,027.73/mo |
| 5% down | $2,876.34/mo |
| 10% down | $2,724.96/mo |
| 15% down | $2,573.57/mo |
| 20% down | $2,422.18/mo |
| 25% down | $2,270.80/mo |
| 30% down | $2,119.41/mo |
| 35% down | $1,968.02/mo |
| 40% down | $1,816.64/mo |
| 45% down | $1,665.25/mo |
| 50% down | $1,513.87/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.