Mortgage Payment on a $488,000 House
What's the payment on a $488,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $488k.
After a 20% down payment, your loan amount will be $390,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,532
Total yearly payments = $30,386
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,096 |
| 5.500% |
$2,217 |
| 6.000% |
$2,341 |
| 6.250% |
$2,404 |
| 6.500% |
$2,468 |
| 6.750% |
$2,532 |
| 6.875% |
$2,565 |
| 7.000% |
$2,597 |
| 7.250% |
$2,663 |
| 7.500% |
$2,730 |
| 7.625% |
$2,763 |
| 7.750% |
$2,797 |
| 8.000% |
$2,865 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,080 |
$3,054 |
| 5.0% |
$24,400 |
$3,007 |
| 7.5% |
$36,600 |
$2,928 |
| 10% |
$48,800 |
$2,849 |
| 15% |
$73,200 |
$2,690 |
| 20% |
$97,600 |
$2,532 |
| 25% |
$122,000 |
$2,374 |
| 30% |
$146,400 |
$2,216 |
| 50% |
$244,000 |
$1,583 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,483 |
| 15 years |
$3,455 |
| 20 years |
$2,968 |
| 30 years |
$2,532 |
| 40 years |
$2,356 |
| Interest only |
$2,196 |
Can I afford a $488,000 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 $488,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,080 |
$165,759 |
| 5.0% |
$24,400 |
$163,724 |
| 7.5% |
$36,600 |
$160,333 |
| 10% |
$48,800 |
$156,942 |
| 15% |
$73,200 |
$150,159 |
| 20% |
$97,600 |
$143,377 |
| 25% |
$122,000 |
$136,594 |
| 30% |
$146,400 |
$129,812 |
| 50% |
$244,000 |
$102,682 |