Use the mortgage calculator to calculate the cost of buying a $515k 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 515,000 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 $515,000 house.
2% interest
| 0% down | $1,903.54/mo |
| 5% down | $1,808.36/mo |
| 10% down | $1,713.19/mo |
| 15% down | $1,618.01/mo |
| 20% down | $1,522.83/mo |
| 25% down | $1,427.66/mo |
| 30% down | $1,332.48/mo |
| 35% down | $1,237.30/mo |
| 40% down | $1,142.12/mo |
| 45% down | $1,046.95/mo |
| 50% down | $951.77/mo |
4% interest
| 0% down | $2,458.69/mo |
| 5% down | $2,335.75/mo |
| 10% down | $2,212.82/mo |
| 15% down | $2,089.89/mo |
| 20% down | $1,966.95/mo |
| 25% down | $1,844.02/mo |
| 30% down | $1,721.08/mo |
| 35% down | $1,598.15/mo |
| 40% down | $1,475.21/mo |
| 45% down | $1,352.28/mo |
| 50% down | $1,229.34/mo |
6% interest
| 0% down | $3,087.69/mo |
| 5% down | $2,933.30/mo |
| 10% down | $2,778.92/mo |
| 15% down | $2,624.53/mo |
| 20% down | $2,470.15/mo |
| 25% down | $2,315.76/mo |
| 30% down | $2,161.38/mo |
| 35% down | $2,007.00/mo |
| 40% down | $1,852.61/mo |
| 45% down | $1,698.23/mo |
| 50% down | $1,543.84/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.