Mortgage Payment on a $587,000 House
What's the payment on a $587,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $587k.
After a 20% down payment, your loan amount will be $469,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,046
Total yearly payments = $36,550
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,521 |
| 5.500% |
$2,666 |
| 6.000% |
$2,815 |
| 6.250% |
$2,891 |
| 6.500% |
$2,968 |
| 6.750% |
$3,046 |
| 6.875% |
$3,085 |
| 7.000% |
$3,124 |
| 7.250% |
$3,203 |
| 7.500% |
$3,284 |
| 7.625% |
$3,324 |
| 7.750% |
$3,364 |
| 8.000% |
$3,446 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$20,545 |
$3,674 |
| 5.0% |
$29,350 |
$3,617 |
| 7.5% |
$44,025 |
$3,522 |
| 10% |
$58,700 |
$3,427 |
| 15% |
$88,050 |
$3,236 |
| 20% |
$117,400 |
$3,046 |
| 25% |
$146,750 |
$2,855 |
| 30% |
$176,100 |
$2,665 |
| 50% |
$293,500 |
$1,904 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,392 |
| 15 years |
$4,156 |
| 20 years |
$3,571 |
| 30 years |
$3,046 |
| 40 years |
$2,833 |
| Interest only |
$2,642 |
Can I afford a $587,000 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 $587,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$20,545 |
$199,386 |
| 5.0% |
$29,350 |
$196,939 |
| 7.5% |
$44,025 |
$192,860 |
| 10% |
$58,700 |
$188,780 |
| 15% |
$88,050 |
$180,622 |
| 20% |
$117,400 |
$172,464 |
| 25% |
$146,750 |
$164,305 |
| 30% |
$176,100 |
$156,147 |
| 50% |
$293,500 |
$123,513 |