Use the mortgage calculator to calculate the cost of buying a $988k 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 988,000 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 $988,000 house.
$988,000 Home at 2%
| 0% down | $3,651.84/mo |
| 5% down | $3,469.25/mo |
| 10% down | $3,286.66/mo |
| 15% down | $3,104.06/mo |
| 20% down | $2,921.47/mo |
| 25% down | $2,738.88/mo |
| 30% down | $2,556.29/mo |
| 35% down | $2,373.70/mo |
| 40% down | $2,191.10/mo |
| 45% down | $2,008.51/mo |
| 50% down | $1,825.92/mo |
$988,000 Home at 4%
| 0% down | $4,716.86/mo |
| 5% down | $4,481.02/mo |
| 10% down | $4,245.18/mo |
| 15% down | $4,009.33/mo |
| 20% down | $3,773.49/mo |
| 25% down | $3,537.65/mo |
| 30% down | $3,301.80/mo |
| 35% down | $3,065.96/mo |
| 40% down | $2,830.12/mo |
| 45% down | $2,594.27/mo |
| 50% down | $2,358.43/mo |
$988,000 Home at 6%
| 0% down | $5,923.56/mo |
| 5% down | $5,627.38/mo |
| 10% down | $5,331.20/mo |
| 15% down | $5,035.03/mo |
| 20% down | $4,738.85/mo |
| 25% down | $4,442.67/mo |
| 30% down | $4,146.49/mo |
| 35% down | $3,850.31/mo |
| 40% down | $3,554.14/mo |
| 45% down | $3,257.96/mo |
| 50% down | $2,961.78/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.