Use the mortgage calculator to calculate the cost of buying a $888k 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 888,000 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 $888,000 house.
2% interest
| 0% down | $3,282.22/mo |
| 5% down | $3,118.11/mo |
| 10% down | $2,954.00/mo |
| 15% down | $2,789.89/mo |
| 20% down | $2,625.78/mo |
| 25% down | $2,461.67/mo |
| 30% down | $2,297.55/mo |
| 35% down | $2,133.44/mo |
| 40% down | $1,969.33/mo |
| 45% down | $1,805.22/mo |
| 50% down | $1,641.11/mo |
4% interest
| 0% down | $4,239.45/mo |
| 5% down | $4,027.48/mo |
| 10% down | $3,815.50/mo |
| 15% down | $3,603.53/mo |
| 20% down | $3,391.56/mo |
| 25% down | $3,179.59/mo |
| 30% down | $2,967.61/mo |
| 35% down | $2,755.64/mo |
| 40% down | $2,543.67/mo |
| 45% down | $2,331.70/mo |
| 50% down | $2,119.72/mo |
6% interest
| 0% down | $5,324.01/mo |
| 5% down | $5,057.81/mo |
| 10% down | $4,791.61/mo |
| 15% down | $4,525.41/mo |
| 20% down | $4,259.21/mo |
| 25% down | $3,993.01/mo |
| 30% down | $3,726.81/mo |
| 35% down | $3,460.61/mo |
| 40% down | $3,194.41/mo |
| 45% down | $2,928.20/mo |
| 50% down | $2,662.00/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.