Mortgage Payment on a $500,000 House
What's the payment on a $500,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $500k.
After a 20% down payment, your loan amount will be $400,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,594
Total yearly payments = $31,133
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,147 |
| 5.500% |
$2,271 |
| 6.000% |
$2,398 |
| 6.250% |
$2,463 |
| 6.500% |
$2,528 |
| 6.750% |
$2,594 |
| 6.875% |
$2,628 |
| 7.000% |
$2,661 |
| 7.250% |
$2,729 |
| 7.500% |
$2,797 |
| 7.625% |
$2,831 |
| 7.750% |
$2,866 |
| 8.000% |
$2,935 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,500 |
$3,129 |
| 5.0% |
$25,000 |
$3,081 |
| 7.5% |
$37,500 |
$3,000 |
| 10% |
$50,000 |
$2,919 |
| 15% |
$75,000 |
$2,757 |
| 20% |
$100,000 |
$2,594 |
| 25% |
$125,000 |
$2,432 |
| 30% |
$150,000 |
$2,270 |
| 50% |
$250,000 |
$1,621 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,593 |
| 15 years |
$3,540 |
| 20 years |
$3,041 |
| 30 years |
$2,594 |
| 40 years |
$2,413 |
| Interest only |
$2,250 |
Can I afford a $500,000 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 $500,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,500 |
$169,835 |
| 5.0% |
$25,000 |
$167,750 |
| 7.5% |
$37,500 |
$164,276 |
| 10% |
$50,000 |
$160,801 |
| 15% |
$75,000 |
$153,852 |
| 20% |
$100,000 |
$146,903 |
| 25% |
$125,000 |
$139,953 |
| 30% |
$150,000 |
$133,004 |
| 50% |
$250,000 |
$105,207 |