Use the mortgage calculator to calculate the cost of buying a $620k 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 620,000 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 $620,000 house.
2% interest
| 0% down | $2,291.64/mo |
| 5% down | $2,177.06/mo |
| 10% down | $2,062.48/mo |
| 15% down | $1,947.89/mo |
| 20% down | $1,833.31/mo |
| 25% down | $1,718.73/mo |
| 30% down | $1,604.15/mo |
| 35% down | $1,489.57/mo |
| 40% down | $1,374.98/mo |
| 45% down | $1,260.40/mo |
| 50% down | $1,145.82/mo |
4% interest
| 0% down | $2,959.97/mo |
| 5% down | $2,811.98/mo |
| 10% down | $2,663.98/mo |
| 15% down | $2,515.98/mo |
| 20% down | $2,367.98/mo |
| 25% down | $2,219.98/mo |
| 30% down | $2,071.98/mo |
| 35% down | $1,923.98/mo |
| 40% down | $1,775.98/mo |
| 45% down | $1,627.99/mo |
| 50% down | $1,479.99/mo |
6% interest
| 0% down | $3,717.21/mo |
| 5% down | $3,531.35/mo |
| 10% down | $3,345.49/mo |
| 15% down | $3,159.63/mo |
| 20% down | $2,973.77/mo |
| 25% down | $2,787.91/mo |
| 30% down | $2,602.05/mo |
| 35% down | $2,416.19/mo |
| 40% down | $2,230.33/mo |
| 45% down | $2,044.47/mo |
| 50% down | $1,858.61/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.