Use the mortgage calculator to calculate the cost of buying a $860k 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 860,000 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 $860,000 house.
2% interest
| 0% down | $3,178.73/mo |
| 5% down | $3,019.79/mo |
| 10% down | $2,860.85/mo |
| 15% down | $2,701.92/mo |
| 20% down | $2,542.98/mo |
| 25% down | $2,384.05/mo |
| 30% down | $2,225.11/mo |
| 35% down | $2,066.17/mo |
| 40% down | $1,907.24/mo |
| 45% down | $1,748.30/mo |
| 50% down | $1,589.36/mo |
4% interest
| 0% down | $4,105.77/mo |
| 5% down | $3,900.48/mo |
| 10% down | $3,695.19/mo |
| 15% down | $3,489.91/mo |
| 20% down | $3,284.62/mo |
| 25% down | $3,079.33/mo |
| 30% down | $2,874.04/mo |
| 35% down | $2,668.75/mo |
| 40% down | $2,463.46/mo |
| 45% down | $2,258.17/mo |
| 50% down | $2,052.89/mo |
6% interest
| 0% down | $5,156.13/mo |
| 5% down | $4,898.33/mo |
| 10% down | $4,640.52/mo |
| 15% down | $4,382.71/mo |
| 20% down | $4,124.91/mo |
| 25% down | $3,867.10/mo |
| 30% down | $3,609.29/mo |
| 35% down | $3,351.49/mo |
| 40% down | $3,093.68/mo |
| 45% down | $2,835.87/mo |
| 50% down | $2,578.07/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.