Use the mortgage calculator to calculate the cost of buying a $518k 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 518,000 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 $518,000 house.
$518,000 Home at 2%
| 0% down | $1,914.63/mo |
| 5% down | $1,818.90/mo |
| 10% down | $1,723.17/mo |
| 15% down | $1,627.43/mo |
| 20% down | $1,531.70/mo |
| 25% down | $1,435.97/mo |
| 30% down | $1,340.24/mo |
| 35% down | $1,244.51/mo |
| 40% down | $1,148.78/mo |
| 45% down | $1,053.05/mo |
| 50% down | $957.31/mo |
$518,000 Home at 4%
| 0% down | $2,473.01/mo |
| 5% down | $2,349.36/mo |
| 10% down | $2,225.71/mo |
| 15% down | $2,102.06/mo |
| 20% down | $1,978.41/mo |
| 25% down | $1,854.76/mo |
| 30% down | $1,731.11/mo |
| 35% down | $1,607.46/mo |
| 40% down | $1,483.81/mo |
| 45% down | $1,360.16/mo |
| 50% down | $1,236.51/mo |
$518,000 Home at 6%
| 0% down | $3,105.67/mo |
| 5% down | $2,950.39/mo |
| 10% down | $2,795.10/mo |
| 15% down | $2,639.82/mo |
| 20% down | $2,484.54/mo |
| 25% down | $2,329.25/mo |
| 30% down | $2,173.97/mo |
| 35% down | $2,018.69/mo |
| 40% down | $1,863.40/mo |
| 45% down | $1,708.12/mo |
| 50% down | $1,552.84/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.