Use the mortgage calculator to calculate the cost of buying a $605k 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 605,000 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 $605,000 house.
2% interest
| 0% down | $2,236.20/mo |
| 5% down | $2,124.39/mo |
| 10% down | $2,012.58/mo |
| 15% down | $1,900.77/mo |
| 20% down | $1,788.96/mo |
| 25% down | $1,677.15/mo |
| 30% down | $1,565.34/mo |
| 35% down | $1,453.53/mo |
| 40% down | $1,341.72/mo |
| 45% down | $1,229.91/mo |
| 50% down | $1,118.10/mo |
4% interest
| 0% down | $2,888.36/mo |
| 5% down | $2,743.94/mo |
| 10% down | $2,599.53/mo |
| 15% down | $2,455.11/mo |
| 20% down | $2,310.69/mo |
| 25% down | $2,166.27/mo |
| 30% down | $2,021.85/mo |
| 35% down | $1,877.44/mo |
| 40% down | $1,733.02/mo |
| 45% down | $1,588.60/mo |
| 50% down | $1,444.18/mo |
6% interest
| 0% down | $3,627.28/mo |
| 5% down | $3,445.92/mo |
| 10% down | $3,264.55/mo |
| 15% down | $3,083.19/mo |
| 20% down | $2,901.82/mo |
| 25% down | $2,720.46/mo |
| 30% down | $2,539.10/mo |
| 35% down | $2,357.73/mo |
| 40% down | $2,176.37/mo |
| 45% down | $1,995.00/mo |
| 50% down | $1,813.64/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.