Use the mortgage calculator to calculate the cost of buying a $581k 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 581,000 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 $581,000 house.
2% interest
| 0% down | $2,147.49/mo |
| 5% down | $2,040.11/mo |
| 10% down | $1,932.74/mo |
| 15% down | $1,825.37/mo |
| 20% down | $1,717.99/mo |
| 25% down | $1,610.62/mo |
| 30% down | $1,503.24/mo |
| 35% down | $1,395.87/mo |
| 40% down | $1,288.49/mo |
| 45% down | $1,181.12/mo |
| 50% down | $1,073.74/mo |
4% interest
| 0% down | $2,773.78/mo |
| 5% down | $2,635.09/mo |
| 10% down | $2,496.40/mo |
| 15% down | $2,357.72/mo |
| 20% down | $2,219.03/mo |
| 25% down | $2,080.34/mo |
| 30% down | $1,941.65/mo |
| 35% down | $1,802.96/mo |
| 40% down | $1,664.27/mo |
| 45% down | $1,525.58/mo |
| 50% down | $1,386.89/mo |
6% interest
| 0% down | $3,483.39/mo |
| 5% down | $3,309.22/mo |
| 10% down | $3,135.05/mo |
| 15% down | $2,960.88/mo |
| 20% down | $2,786.71/mo |
| 25% down | $2,612.54/mo |
| 30% down | $2,438.37/mo |
| 35% down | $2,264.20/mo |
| 40% down | $2,090.03/mo |
| 45% down | $1,915.86/mo |
| 50% down | $1,741.69/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.