Use the mortgage calculator to calculate the cost of buying a $694k 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 694,000 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 $694,000 house.
2% interest
| 0% down | $2,565.16/mo |
| 5% down | $2,436.90/mo |
| 10% down | $2,308.64/mo |
| 15% down | $2,180.39/mo |
| 20% down | $2,052.13/mo |
| 25% down | $1,923.87/mo |
| 30% down | $1,795.61/mo |
| 35% down | $1,667.35/mo |
| 40% down | $1,539.10/mo |
| 45% down | $1,410.84/mo |
| 50% down | $1,282.58/mo |
4% interest
| 0% down | $3,313.26/mo |
| 5% down | $3,147.60/mo |
| 10% down | $2,981.94/mo |
| 15% down | $2,816.27/mo |
| 20% down | $2,650.61/mo |
| 25% down | $2,484.95/mo |
| 30% down | $2,319.28/mo |
| 35% down | $2,153.62/mo |
| 40% down | $1,987.96/mo |
| 45% down | $1,822.29/mo |
| 50% down | $1,656.63/mo |
6% interest
| 0% down | $4,160.88/mo |
| 5% down | $3,952.84/mo |
| 10% down | $3,744.79/mo |
| 15% down | $3,536.75/mo |
| 20% down | $3,328.70/mo |
| 25% down | $3,120.66/mo |
| 30% down | $2,912.62/mo |
| 35% down | $2,704.57/mo |
| 40% down | $2,496.53/mo |
| 45% down | $2,288.48/mo |
| 50% down | $2,080.44/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.