# \$475,000 House at 4.25%

What's the monthly mortgage payment on a \$475k house? Loan price for a \$475,000 house with a 4.25% interest rate.
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Monthly payment = \$1,869
Total yearly payments = \$22,432
Payments by Interest Rate
Interest Rate Payment
3.750% \$1,760
3.875% \$1,787
4.000% \$1,814
4.125% \$1,842
4.250% \$1,869
4.375% \$1,897
4.500% \$1,925
4.625% \$1,954
4.750% \$1,982
Payments by Amount Down
% Down Amount Payment
3.5% \$16,625 \$2,255
5.0% \$23,750 \$2,220
7.5% \$35,625 \$2,161
10% \$47,500 \$2,103
15% \$71,250 \$1,986
20% \$95,000 \$1,869
25% \$118,750 \$1,753
30% \$142,500 \$1,636
50% \$237,500 \$1,168
Payments by Loan Length
Length Payment
10 years \$3,893
15 years \$2,859
20 years \$2,353
30 years \$1,869
40 years \$1,648
Interest only \$1,346

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 \$475,000 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 \$475,000 with a 4.25% loan:

% Down Down Payment Income Required
3.5% \$16,625 \$130,568
5.0% \$23,750 \$129,066
7.5% \$35,625 \$126,563
10% \$47,500 \$124,059
15% \$71,250 \$119,052
20% \$95,000 \$114,044
25% \$118,750 \$109,037
30% \$142,500 \$104,030
50% \$237,500 \$84,001
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
Arizona 18 \$277,600
Arkansas 48 \$130,900
California 2 \$578,300
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
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