Mortgage Payment on a $504,000 House
What's the payment on a $504,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $504k.
After a 20% down payment, your loan amount will be $403,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,615
Total yearly payments = $31,382
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,164 |
| 5.500% |
$2,289 |
| 6.000% |
$2,417 |
| 6.250% |
$2,483 |
| 6.500% |
$2,548 |
| 6.750% |
$2,615 |
| 6.875% |
$2,649 |
| 7.000% |
$2,682 |
| 7.250% |
$2,751 |
| 7.500% |
$2,819 |
| 7.625% |
$2,854 |
| 7.750% |
$2,889 |
| 8.000% |
$2,959 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,640 |
$3,155 |
| 5.0% |
$25,200 |
$3,105 |
| 7.5% |
$37,800 |
$3,024 |
| 10% |
$50,400 |
$2,942 |
| 15% |
$75,600 |
$2,779 |
| 20% |
$100,800 |
$2,615 |
| 25% |
$126,000 |
$2,452 |
| 30% |
$151,200 |
$2,288 |
| 50% |
$252,000 |
$1,634 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,630 |
| 15 years |
$3,568 |
| 20 years |
$3,066 |
| 30 years |
$2,615 |
| 40 years |
$2,433 |
| Interest only |
$2,268 |
Can I afford a $504,000 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 $504,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,640 |
$171,194 |
| 5.0% |
$25,200 |
$169,092 |
| 7.5% |
$37,800 |
$165,590 |
| 10% |
$50,400 |
$162,087 |
| 15% |
$75,600 |
$155,083 |
| 20% |
$100,800 |
$148,078 |
| 25% |
$126,000 |
$141,073 |
| 30% |
$151,200 |
$134,068 |
| 50% |
$252,000 |
$106,049 |