Use the mortgage calculator to calculate the cost of buying a $885k 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 885,000 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 $885,000 house.
2% interest
| 0% down | $3,271.13/mo |
| 5% down | $3,107.58/mo |
| 10% down | $2,944.02/mo |
| 15% down | $2,780.46/mo |
| 20% down | $2,616.91/mo |
| 25% down | $2,453.35/mo |
| 30% down | $2,289.79/mo |
| 35% down | $2,126.24/mo |
| 40% down | $1,962.68/mo |
| 45% down | $1,799.12/mo |
| 50% down | $1,635.57/mo |
4% interest
| 0% down | $4,225.13/mo |
| 5% down | $4,013.87/mo |
| 10% down | $3,802.61/mo |
| 15% down | $3,591.36/mo |
| 20% down | $3,380.10/mo |
| 25% down | $3,168.84/mo |
| 30% down | $2,957.59/mo |
| 35% down | $2,746.33/mo |
| 40% down | $2,535.08/mo |
| 45% down | $2,323.82/mo |
| 50% down | $2,112.56/mo |
6% interest
| 0% down | $5,306.02/mo |
| 5% down | $5,040.72/mo |
| 10% down | $4,775.42/mo |
| 15% down | $4,510.12/mo |
| 20% down | $4,244.82/mo |
| 25% down | $3,979.52/mo |
| 30% down | $3,714.22/mo |
| 35% down | $3,448.91/mo |
| 40% down | $3,183.61/mo |
| 45% down | $2,918.31/mo |
| 50% down | $2,653.01/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.