Use the mortgage calculator to calculate the cost of buying a $506k 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 506,000 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 $506,000 house.
$506,000 Home at 2%
| 0% down | $1,870.27/mo |
| 5% down | $1,776.76/mo |
| 10% down | $1,683.25/mo |
| 15% down | $1,589.73/mo |
| 20% down | $1,496.22/mo |
| 25% down | $1,402.71/mo |
| 30% down | $1,309.19/mo |
| 35% down | $1,215.68/mo |
| 40% down | $1,122.16/mo |
| 45% down | $1,028.65/mo |
| 50% down | $935.14/mo |
$506,000 Home at 4%
| 0% down | $2,415.72/mo |
| 5% down | $2,294.94/mo |
| 10% down | $2,174.15/mo |
| 15% down | $2,053.36/mo |
| 20% down | $1,932.58/mo |
| 25% down | $1,811.79/mo |
| 30% down | $1,691.00/mo |
| 35% down | $1,570.22/mo |
| 40% down | $1,449.43/mo |
| 45% down | $1,328.65/mo |
| 50% down | $1,207.86/mo |
$506,000 Home at 6%
| 0% down | $3,033.73/mo |
| 5% down | $2,882.04/mo |
| 10% down | $2,730.35/mo |
| 15% down | $2,578.67/mo |
| 20% down | $2,426.98/mo |
| 25% down | $2,275.29/mo |
| 30% down | $2,123.61/mo |
| 35% down | $1,971.92/mo |
| 40% down | $1,820.24/mo |
| 45% down | $1,668.55/mo |
| 50% down | $1,516.86/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.