Mortgage Payment on a $493,000 House
What's the payment on a $493,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $493k.
After a 20% down payment, your loan amount will be $394,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,558
Total yearly payments = $30,697
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,117 |
| 5.500% |
$2,239 |
| 6.000% |
$2,365 |
| 6.250% |
$2,428 |
| 6.500% |
$2,493 |
| 6.750% |
$2,558 |
| 6.875% |
$2,591 |
| 7.000% |
$2,624 |
| 7.250% |
$2,691 |
| 7.500% |
$2,758 |
| 7.625% |
$2,792 |
| 7.750% |
$2,826 |
| 8.000% |
$2,894 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,255 |
$3,086 |
| 5.0% |
$24,650 |
$3,038 |
| 7.5% |
$36,975 |
$2,958 |
| 10% |
$49,300 |
$2,878 |
| 15% |
$73,950 |
$2,718 |
| 20% |
$98,600 |
$2,558 |
| 25% |
$123,250 |
$2,398 |
| 30% |
$147,900 |
$2,238 |
| 50% |
$246,500 |
$1,599 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,529 |
| 15 years |
$3,490 |
| 20 years |
$2,999 |
| 30 years |
$2,558 |
| 40 years |
$2,380 |
| Interest only |
$2,219 |
Can I afford a $493,000 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 $493,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,255 |
$167,457 |
| 5.0% |
$24,650 |
$165,402 |
| 7.5% |
$36,975 |
$161,976 |
| 10% |
$49,300 |
$158,550 |
| 15% |
$73,950 |
$151,698 |
| 20% |
$98,600 |
$144,846 |
| 25% |
$123,250 |
$137,994 |
| 30% |
$147,900 |
$131,142 |
| 50% |
$246,500 |
$103,734 |