Mortgage Payment on a $497,000 House
What's the payment on a $497,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $497k.
After a 20% down payment, your loan amount will be $397,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,579
Total yearly payments = $30,946
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,134 |
| 5.500% |
$2,258 |
| 6.000% |
$2,384 |
| 6.250% |
$2,448 |
| 6.500% |
$2,513 |
| 6.750% |
$2,579 |
| 6.875% |
$2,612 |
| 7.000% |
$2,645 |
| 7.250% |
$2,712 |
| 7.500% |
$2,780 |
| 7.625% |
$2,814 |
| 7.750% |
$2,848 |
| 8.000% |
$2,917 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,395 |
$3,111 |
| 5.0% |
$24,850 |
$3,062 |
| 7.5% |
$37,275 |
$2,982 |
| 10% |
$49,700 |
$2,901 |
| 15% |
$74,550 |
$2,740 |
| 20% |
$99,400 |
$2,579 |
| 25% |
$124,250 |
$2,418 |
| 30% |
$149,100 |
$2,256 |
| 50% |
$248,500 |
$1,612 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,565 |
| 15 years |
$3,518 |
| 20 years |
$3,023 |
| 30 years |
$2,579 |
| 40 years |
$2,399 |
| Interest only |
$2,237 |
Can I afford a $497,000 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 $497,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,395 |
$168,816 |
| 5.0% |
$24,850 |
$166,744 |
| 7.5% |
$37,275 |
$163,290 |
| 10% |
$49,700 |
$159,836 |
| 15% |
$74,550 |
$152,929 |
| 20% |
$99,400 |
$146,021 |
| 25% |
$124,250 |
$139,114 |
| 30% |
$149,100 |
$132,206 |
| 50% |
$248,500 |
$104,576 |