Use the mortgage calculator to calculate the cost of buying a $554k 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 554,000 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 $554,000 house.
2% interest
| 0% down | $2,047.69/mo |
| 5% down | $1,945.31/mo |
| 10% down | $1,842.92/mo |
| 15% down | $1,740.54/mo |
| 20% down | $1,638.15/mo |
| 25% down | $1,535.77/mo |
| 30% down | $1,433.38/mo |
| 35% down | $1,331.00/mo |
| 40% down | $1,228.62/mo |
| 45% down | $1,126.23/mo |
| 50% down | $1,023.85/mo |
4% interest
| 0% down | $2,644.88/mo |
| 5% down | $2,512.64/mo |
| 10% down | $2,380.39/mo |
| 15% down | $2,248.15/mo |
| 20% down | $2,115.90/mo |
| 25% down | $1,983.66/mo |
| 30% down | $1,851.42/mo |
| 35% down | $1,719.17/mo |
| 40% down | $1,586.93/mo |
| 45% down | $1,454.68/mo |
| 50% down | $1,322.44/mo |
6% interest
| 0% down | $3,321.51/mo |
| 5% down | $3,155.43/mo |
| 10% down | $2,989.36/mo |
| 15% down | $2,823.28/mo |
| 20% down | $2,657.21/mo |
| 25% down | $2,491.13/mo |
| 30% down | $2,325.06/mo |
| 35% down | $2,158.98/mo |
| 40% down | $1,992.91/mo |
| 45% down | $1,826.83/mo |
| 50% down | $1,660.75/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.