Use the mortgage calculator to calculate the cost of buying a $587k 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 587,000 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 $587,000 house.
$587,000 Home at 2%
| 0% down | $2,169.67/mo |
| 5% down | $2,061.18/mo |
| 10% down | $1,952.70/mo |
| 15% down | $1,844.22/mo |
| 20% down | $1,735.73/mo |
| 25% down | $1,627.25/mo |
| 30% down | $1,518.77/mo |
| 35% down | $1,410.28/mo |
| 40% down | $1,301.80/mo |
| 45% down | $1,193.32/mo |
| 50% down | $1,084.83/mo |
$587,000 Home at 4%
| 0% down | $2,802.43/mo |
| 5% down | $2,662.31/mo |
| 10% down | $2,522.19/mo |
| 15% down | $2,382.06/mo |
| 20% down | $2,241.94/mo |
| 25% down | $2,101.82/mo |
| 30% down | $1,961.70/mo |
| 35% down | $1,821.58/mo |
| 40% down | $1,681.46/mo |
| 45% down | $1,541.34/mo |
| 50% down | $1,401.21/mo |
$587,000 Home at 6%
| 0% down | $3,519.36/mo |
| 5% down | $3,343.39/mo |
| 10% down | $3,167.43/mo |
| 15% down | $2,991.46/mo |
| 20% down | $2,815.49/mo |
| 25% down | $2,639.52/mo |
| 30% down | $2,463.55/mo |
| 35% down | $2,287.59/mo |
| 40% down | $2,111.62/mo |
| 45% down | $1,935.65/mo |
| 50% down | $1,759.68/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.