$490,000 House at 4.00%

What's the monthly mortgage payment on a $490k house? Loan price for a $490,000 house with a 4.00% interest rate.
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Monthly payment = $1,871
Total yearly payments = $22,458
Payments by Interest Rate
Interest Rate Payment
3.500% $1,760
3.625% $1,788
3.750% $1,815
3.875% $1,843
4.000% $1,871
4.125% $1,900
4.250% $1,928
4.375% $1,957
4.500% $1,986
Payments by Amount Down
% Down Amount Payment
3.5% $17,150 $2,257
5.0% $24,500 $2,222
7.5% $36,750 $2,164
10% $49,000 $2,105
15% $73,500 $1,988
20% $98,000 $1,871
25% $122,500 $1,755
30% $147,000 $1,638
50% $245,000 $1,170
Payments by Loan Length
Length Payment
10 years $3,969
15 years $2,900
20 years $2,375
30 years $1,871
40 years $1,638
Interest only $1,307

Mortgage Tips

  • Credit score matters. Get a free copy of your credit report to make sure there are no errors which might negatively affect your credit score.
  • Shop around. Make sure to get multiple mortgage quotes. Over 30 years, a difference of 0.25% in APR might end up being over $10,000 in extra payments!
  • Bigger down payments are better. You can often qualify for a mortgage with as little as 3.5% down. But, unless your down payment is at least 20%, you will likely have to pay Private Mortgage Insurance (PMI). This can add significant cost to the price of the mortgage.

Can I afford a $490,000 house?

Traditionally, the "28% rule" means a person should not spend more than 28% of their pre-tax income on total housing costs.

Let's assume that taxes and insurance are 2% of the house price annually. Here's how much you'd have to make to afford a house that costs $490,000 with a 4.00% loan:

% Down Down Payment Income Required
3.5% $17,150 $131,748
5.0% $24,500 $130,244
7.5% $36,750 $127,738
10% $49,000 $125,231
15% $73,500 $120,219
20% $98,000 $115,206
25% $122,500 $110,193
30% $147,000 $105,180
50% $245,000 $85,129
Average House Prices by State
What is the average price for a house or condo in each state of the U.S.?
Source: Zillow, March 2020
State Rank Price
Alabama 46 $143,100
Alaska 13 $300,100
Arizona 18 $277,600
Arkansas 48 $130,900
California 2 $578,300
Colorado 5 $408,800
Connecticut 21 $259,900
Delaware 22 $257,500
Florida 24 $252,300
Georgia 31 $206,800
Hawaii 1 $642,500
Idaho 15 $298,300
Illinois 32 $204,800
Indiana 41 $158,700
Iowa 42 $154,700
Kansas 43 $153,900
Kentucky 45 $150,000
State Rank Price
Louisiana 39 $170,400
Maine 25 $249,600
Maryland 10 $313,000
Massachusetts 3 $433,900
Michigan 38 $177,000
Minnesota 19 $263,700
Mississippi 49 $127,500
Missouri 40 $165,700
Montana 17 $288,900
Nebraska 37 $178,900
Nevada 11 $309,700
New Hampshire 14 $299,300
New Jersey 8 $342,500
New Mexico 28 $210,100
New York 9 $328,700
North Carolina 30 $208,000
North Dakota 26 $237,500
State Rank Price
Ohio 44 $153,600
Oklahoma 47 $132,500
Oregon 6 $372,900
Pennsylvania 34 $198,400
Rhode Island 12 $308,700
South Carolina 36 $190,600
South Dakota 29 $209,700
Tennessee 35 $192,600
Texas 27 $211,200
Utah 7 $355,500
Vermont 20 $261,300
Virginia 16 $291,000
Washington 4 $428,900
West Virginia 50 $107,100
Wisconsin 33 $202,700
Wyoming 23 $256,100