Mortgage Payment on a $501,000 House
What's the payment on a $501,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $501k.
After a 20% down payment, your loan amount will be $400,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,600
Total yearly payments = $31,195
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,152 |
| 5.500% |
$2,276 |
| 6.000% |
$2,403 |
| 6.250% |
$2,468 |
| 6.500% |
$2,533 |
| 6.750% |
$2,600 |
| 6.875% |
$2,633 |
| 7.000% |
$2,667 |
| 7.250% |
$2,734 |
| 7.500% |
$2,802 |
| 7.625% |
$2,837 |
| 7.750% |
$2,871 |
| 8.000% |
$2,941 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,535 |
$3,136 |
| 5.0% |
$25,050 |
$3,087 |
| 7.5% |
$37,575 |
$3,006 |
| 10% |
$50,100 |
$2,925 |
| 15% |
$75,150 |
$2,762 |
| 20% |
$100,200 |
$2,600 |
| 25% |
$125,250 |
$2,437 |
| 30% |
$150,300 |
$2,275 |
| 50% |
$250,500 |
$1,625 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,602 |
| 15 years |
$3,547 |
| 20 years |
$3,048 |
| 30 years |
$2,600 |
| 40 years |
$2,418 |
| Interest only |
$2,255 |
Can I afford a $501,000 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 $501,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,535 |
$170,175 |
| 5.0% |
$25,050 |
$168,086 |
| 7.5% |
$37,575 |
$164,604 |
| 10% |
$50,100 |
$161,123 |
| 15% |
$75,150 |
$154,159 |
| 20% |
$100,200 |
$147,196 |
| 25% |
$125,250 |
$140,233 |
| 30% |
$150,300 |
$133,270 |
| 50% |
$250,500 |
$105,417 |