Mortgage Payment on a $580,000 House
What's the payment on a $580,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $580k.
After a 20% down payment, your loan amount will be $464,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,009
Total yearly payments = $36,114
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,491 |
| 5.500% |
$2,635 |
| 6.000% |
$2,782 |
| 6.250% |
$2,857 |
| 6.500% |
$2,933 |
| 6.750% |
$3,009 |
| 6.875% |
$3,048 |
| 7.000% |
$3,087 |
| 7.250% |
$3,165 |
| 7.500% |
$3,244 |
| 7.625% |
$3,284 |
| 7.750% |
$3,324 |
| 8.000% |
$3,405 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$20,300 |
$3,630 |
| 5.0% |
$29,000 |
$3,574 |
| 7.5% |
$43,500 |
$3,480 |
| 10% |
$58,000 |
$3,386 |
| 15% |
$87,000 |
$3,198 |
| 20% |
$116,000 |
$3,009 |
| 25% |
$145,000 |
$2,821 |
| 30% |
$174,000 |
$2,633 |
| 50% |
$290,000 |
$1,881 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,328 |
| 15 years |
$4,106 |
| 20 years |
$3,528 |
| 30 years |
$3,009 |
| 40 years |
$2,800 |
| Interest only |
$2,610 |
Can I afford a $580,000 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 $580,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$20,300 |
$197,009 |
| 5.0% |
$29,000 |
$194,590 |
| 7.5% |
$43,500 |
$190,560 |
| 10% |
$58,000 |
$186,529 |
| 15% |
$87,000 |
$178,468 |
| 20% |
$116,000 |
$170,407 |
| 25% |
$145,000 |
$162,346 |
| 30% |
$174,000 |
$154,285 |
| 50% |
$290,000 |
$122,040 |