Mortgage Payment on a $498,000 House
What's the payment on a $498,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $498k.
After a 20% down payment, your loan amount will be $398,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,584
Total yearly payments = $31,008
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,139 |
| 5.500% |
$2,262 |
| 6.000% |
$2,389 |
| 6.250% |
$2,453 |
| 6.500% |
$2,518 |
| 6.750% |
$2,584 |
| 6.875% |
$2,617 |
| 7.000% |
$2,651 |
| 7.250% |
$2,718 |
| 7.500% |
$2,786 |
| 7.625% |
$2,820 |
| 7.750% |
$2,854 |
| 8.000% |
$2,923 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,430 |
$3,117 |
| 5.0% |
$24,900 |
$3,069 |
| 7.5% |
$37,350 |
$2,988 |
| 10% |
$49,800 |
$2,907 |
| 15% |
$74,700 |
$2,746 |
| 20% |
$99,600 |
$2,584 |
| 25% |
$124,500 |
$2,423 |
| 30% |
$149,400 |
$2,261 |
| 50% |
$249,000 |
$1,615 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,575 |
| 15 years |
$3,525 |
| 20 years |
$3,029 |
| 30 years |
$2,584 |
| 40 years |
$2,404 |
| Interest only |
$2,241 |
Can I afford a $498,000 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 $498,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,430 |
$169,156 |
| 5.0% |
$24,900 |
$167,079 |
| 7.5% |
$37,350 |
$163,619 |
| 10% |
$49,800 |
$160,158 |
| 15% |
$74,700 |
$153,236 |
| 20% |
$99,600 |
$146,315 |
| 25% |
$124,500 |
$139,393 |
| 30% |
$149,400 |
$132,472 |
| 50% |
$249,000 |
$104,786 |