Mortgage Payment on a $479,000 House
What's the payment on a $479,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $479k.
After a 20% down payment, your loan amount will be $383,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,485
Total yearly payments = $29,825
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,057 |
| 5.500% |
$2,176 |
| 6.000% |
$2,297 |
| 6.250% |
$2,359 |
| 6.500% |
$2,422 |
| 6.750% |
$2,485 |
| 6.875% |
$2,517 |
| 7.000% |
$2,549 |
| 7.250% |
$2,614 |
| 7.500% |
$2,679 |
| 7.625% |
$2,712 |
| 7.750% |
$2,745 |
| 8.000% |
$2,812 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$16,765 |
$2,998 |
| 5.0% |
$23,950 |
$2,951 |
| 7.5% |
$35,925 |
$2,874 |
| 10% |
$47,900 |
$2,796 |
| 15% |
$71,850 |
$2,641 |
| 20% |
$95,800 |
$2,485 |
| 25% |
$119,750 |
$2,330 |
| 30% |
$143,700 |
$2,175 |
| 50% |
$239,500 |
$1,553 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,400 |
| 15 years |
$3,391 |
| 20 years |
$2,914 |
| 30 years |
$2,485 |
| 40 years |
$2,312 |
| Interest only |
$2,156 |
Can I afford a $479,000 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 $479,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$16,765 |
$162,702 |
| 5.0% |
$23,950 |
$160,705 |
| 7.5% |
$35,925 |
$157,376 |
| 10% |
$47,900 |
$154,047 |
| 15% |
$71,850 |
$147,390 |
| 20% |
$95,800 |
$140,733 |
| 25% |
$119,750 |
$134,075 |
| 30% |
$143,700 |
$127,418 |
| 50% |
$239,500 |
$100,788 |