Use the mortgage calculator to calculate the cost of buying a $701k 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 701,000 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 $701,000 house.
2% interest
| 0% down | $2,591.03/mo |
| 5% down | $2,461.48/mo |
| 10% down | $2,331.93/mo |
| 15% down | $2,202.38/mo |
| 20% down | $2,072.83/mo |
| 25% down | $1,943.27/mo |
| 30% down | $1,813.72/mo |
| 35% down | $1,684.17/mo |
| 40% down | $1,554.62/mo |
| 45% down | $1,425.07/mo |
| 50% down | $1,295.52/mo |
4% interest
| 0% down | $3,346.68/mo |
| 5% down | $3,179.35/mo |
| 10% down | $3,012.01/mo |
| 15% down | $2,844.68/mo |
| 20% down | $2,677.34/mo |
| 25% down | $2,510.01/mo |
| 30% down | $2,342.68/mo |
| 35% down | $2,175.34/mo |
| 40% down | $2,008.01/mo |
| 45% down | $1,840.67/mo |
| 50% down | $1,673.34/mo |
6% interest
| 0% down | $4,202.85/mo |
| 5% down | $3,992.71/mo |
| 10% down | $3,782.56/mo |
| 15% down | $3,572.42/mo |
| 20% down | $3,362.28/mo |
| 25% down | $3,152.14/mo |
| 30% down | $2,941.99/mo |
| 35% down | $2,731.85/mo |
| 40% down | $2,521.71/mo |
| 45% down | $2,311.57/mo |
| 50% down | $2,101.42/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.