Use the mortgage calculator to calculate the cost of buying a $509k 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 509,000 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 $509,000 house.
2% interest
| 0% down | $1,881.36/mo |
| 5% down | $1,787.29/mo |
| 10% down | $1,693.23/mo |
| 15% down | $1,599.16/mo |
| 20% down | $1,505.09/mo |
| 25% down | $1,411.02/mo |
| 30% down | $1,316.95/mo |
| 35% down | $1,222.89/mo |
| 40% down | $1,128.82/mo |
| 45% down | $1,034.75/mo |
| 50% down | $940.68/mo |
4% interest
| 0% down | $2,430.04/mo |
| 5% down | $2,308.54/mo |
| 10% down | $2,187.04/mo |
| 15% down | $2,065.54/mo |
| 20% down | $1,944.04/mo |
| 25% down | $1,822.53/mo |
| 30% down | $1,701.03/mo |
| 35% down | $1,579.53/mo |
| 40% down | $1,458.03/mo |
| 45% down | $1,336.52/mo |
| 50% down | $1,215.02/mo |
6% interest
| 0% down | $3,051.71/mo |
| 5% down | $2,899.13/mo |
| 10% down | $2,746.54/mo |
| 15% down | $2,593.96/mo |
| 20% down | $2,441.37/mo |
| 25% down | $2,288.78/mo |
| 30% down | $2,136.20/mo |
| 35% down | $1,983.61/mo |
| 40% down | $1,831.03/mo |
| 45% down | $1,678.44/mo |
| 50% down | $1,525.86/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.