Mortgage Payment on a $490,000 House
What's the payment on a $490,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $490k.
After a 20% down payment, your loan amount will be $392,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,543
Total yearly payments = $30,510
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,104 |
| 5.500% |
$2,226 |
| 6.000% |
$2,350 |
| 6.250% |
$2,414 |
| 6.500% |
$2,478 |
| 6.750% |
$2,543 |
| 6.875% |
$2,575 |
| 7.000% |
$2,608 |
| 7.250% |
$2,674 |
| 7.500% |
$2,741 |
| 7.625% |
$2,775 |
| 7.750% |
$2,808 |
| 8.000% |
$2,876 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,150 |
$3,067 |
| 5.0% |
$24,500 |
$3,019 |
| 7.5% |
$36,750 |
$2,940 |
| 10% |
$49,000 |
$2,860 |
| 15% |
$73,500 |
$2,701 |
| 20% |
$98,000 |
$2,543 |
| 25% |
$122,500 |
$2,384 |
| 30% |
$147,000 |
$2,225 |
| 50% |
$245,000 |
$1,589 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,501 |
| 15 years |
$3,469 |
| 20 years |
$2,981 |
| 30 years |
$2,543 |
| 40 years |
$2,365 |
| Interest only |
$2,205 |
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 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,150 |
$166,438 |
| 5.0% |
$24,500 |
$164,395 |
| 7.5% |
$36,750 |
$160,990 |
| 10% |
$49,000 |
$157,585 |
| 15% |
$73,500 |
$150,775 |
| 20% |
$98,000 |
$143,964 |
| 25% |
$122,500 |
$137,154 |
| 30% |
$147,000 |
$130,344 |
| 50% |
$245,000 |
$103,103 |