Use the mortgage calculator to calculate the cost of buying a $514k 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 514,000 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 $514,000 house.
2% interest
| 0% down | $1,899.84/mo |
| 5% down | $1,804.85/mo |
| 10% down | $1,709.86/mo |
| 15% down | $1,614.87/mo |
| 20% down | $1,519.88/mo |
| 25% down | $1,424.88/mo |
| 30% down | $1,329.89/mo |
| 35% down | $1,234.90/mo |
| 40% down | $1,139.91/mo |
| 45% down | $1,044.91/mo |
| 50% down | $949.92/mo |
4% interest
| 0% down | $2,453.91/mo |
| 5% down | $2,331.22/mo |
| 10% down | $2,208.52/mo |
| 15% down | $2,085.83/mo |
| 20% down | $1,963.13/mo |
| 25% down | $1,840.44/mo |
| 30% down | $1,717.74/mo |
| 35% down | $1,595.04/mo |
| 40% down | $1,472.35/mo |
| 45% down | $1,349.65/mo |
| 50% down | $1,226.96/mo |
6% interest
| 0% down | $3,081.69/mo |
| 5% down | $2,927.61/mo |
| 10% down | $2,773.52/mo |
| 15% down | $2,619.44/mo |
| 20% down | $2,465.35/mo |
| 25% down | $2,311.27/mo |
| 30% down | $2,157.18/mo |
| 35% down | $2,003.10/mo |
| 40% down | $1,849.01/mo |
| 45% down | $1,694.93/mo |
| 50% down | $1,540.84/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.