Mortgage Payment on a $502,000 House
What's the payment on a $502,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $502k.
After a 20% down payment, your loan amount will be $401,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,605
Total yearly payments = $31,257
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,156 |
| 5.500% |
$2,280 |
| 6.000% |
$2,408 |
| 6.250% |
$2,473 |
| 6.500% |
$2,538 |
| 6.750% |
$2,605 |
| 6.875% |
$2,638 |
| 7.000% |
$2,672 |
| 7.250% |
$2,740 |
| 7.500% |
$2,808 |
| 7.625% |
$2,842 |
| 7.750% |
$2,877 |
| 8.000% |
$2,947 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,570 |
$3,142 |
| 5.0% |
$25,100 |
$3,093 |
| 7.5% |
$37,650 |
$3,012 |
| 10% |
$50,200 |
$2,930 |
| 15% |
$75,300 |
$2,768 |
| 20% |
$100,400 |
$2,605 |
| 25% |
$125,500 |
$2,442 |
| 30% |
$150,600 |
$2,279 |
| 50% |
$251,000 |
$1,628 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,611 |
| 15 years |
$3,554 |
| 20 years |
$3,054 |
| 30 years |
$2,605 |
| 40 years |
$2,423 |
| Interest only |
$2,259 |
Can I afford a $502,000 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 $502,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,570 |
$170,514 |
| 5.0% |
$25,100 |
$168,421 |
| 7.5% |
$37,650 |
$164,933 |
| 10% |
$50,200 |
$161,444 |
| 15% |
$75,300 |
$154,467 |
| 20% |
$100,400 |
$147,490 |
| 25% |
$125,500 |
$140,513 |
| 30% |
$150,600 |
$133,536 |
| 50% |
$251,000 |
$105,628 |