Use the mortgage calculator to calculate the cost of buying a $611k 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 611,000 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 $611,000 house.
2% interest
| 0% down | $2,258.37/mo |
| 5% down | $2,145.46/mo |
| 10% down | $2,032.54/mo |
| 15% down | $1,919.62/mo |
| 20% down | $1,806.70/mo |
| 25% down | $1,693.78/mo |
| 30% down | $1,580.86/mo |
| 35% down | $1,467.94/mo |
| 40% down | $1,355.02/mo |
| 45% down | $1,242.11/mo |
| 50% down | $1,129.19/mo |
4% interest
| 0% down | $2,917.01/mo |
| 5% down | $2,771.16/mo |
| 10% down | $2,625.31/mo |
| 15% down | $2,479.46/mo |
| 20% down | $2,333.61/mo |
| 25% down | $2,187.76/mo |
| 30% down | $2,041.91/mo |
| 35% down | $1,896.05/mo |
| 40% down | $1,750.20/mo |
| 45% down | $1,604.35/mo |
| 50% down | $1,458.50/mo |
6% interest
| 0% down | $3,663.25/mo |
| 5% down | $3,480.09/mo |
| 10% down | $3,296.93/mo |
| 15% down | $3,113.77/mo |
| 20% down | $2,930.60/mo |
| 25% down | $2,747.44/mo |
| 30% down | $2,564.28/mo |
| 35% down | $2,381.11/mo |
| 40% down | $2,197.95/mo |
| 45% down | $2,014.79/mo |
| 50% down | $1,831.63/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.