Mortgage Payment on a $588,000 House
What's the payment on a $588,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $588k.
After a 20% down payment, your loan amount will be $470,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,051
Total yearly payments = $36,612
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,525 |
| 5.500% |
$2,671 |
| 6.000% |
$2,820 |
| 6.250% |
$2,896 |
| 6.500% |
$2,973 |
| 6.750% |
$3,051 |
| 6.875% |
$3,090 |
| 7.000% |
$3,130 |
| 7.250% |
$3,209 |
| 7.500% |
$3,289 |
| 7.625% |
$3,329 |
| 7.750% |
$3,370 |
| 8.000% |
$3,452 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$20,580 |
$3,680 |
| 5.0% |
$29,400 |
$3,623 |
| 7.5% |
$44,100 |
$3,528 |
| 10% |
$58,800 |
$3,432 |
| 15% |
$88,200 |
$3,242 |
| 20% |
$117,600 |
$3,051 |
| 25% |
$147,000 |
$2,860 |
| 30% |
$176,400 |
$2,670 |
| 50% |
$294,000 |
$1,907 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,401 |
| 15 years |
$4,163 |
| 20 years |
$3,577 |
| 30 years |
$3,051 |
| 40 years |
$2,838 |
| Interest only |
$2,646 |
Can I afford a $588,000 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 $588,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$20,580 |
$199,726 |
| 5.0% |
$29,400 |
$197,274 |
| 7.5% |
$44,100 |
$193,188 |
| 10% |
$58,800 |
$189,102 |
| 15% |
$88,200 |
$180,930 |
| 20% |
$117,600 |
$172,757 |
| 25% |
$147,000 |
$164,585 |
| 30% |
$176,400 |
$156,413 |
| 50% |
$294,000 |
$123,723 |