Mortgage Payment on a $589,000 House
What's the payment on a $589,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $589k.
After a 20% down payment, your loan amount will be $471,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,056
Total yearly payments = $36,674
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,530 |
| 5.500% |
$2,675 |
| 6.000% |
$2,825 |
| 6.250% |
$2,901 |
| 6.500% |
$2,978 |
| 6.750% |
$3,056 |
| 6.875% |
$3,095 |
| 7.000% |
$3,135 |
| 7.250% |
$3,214 |
| 7.500% |
$3,295 |
| 7.625% |
$3,335 |
| 7.750% |
$3,376 |
| 8.000% |
$3,457 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$20,615 |
$3,687 |
| 5.0% |
$29,450 |
$3,629 |
| 7.5% |
$44,175 |
$3,534 |
| 10% |
$58,900 |
$3,438 |
| 15% |
$88,350 |
$3,247 |
| 20% |
$117,800 |
$3,056 |
| 25% |
$147,250 |
$2,865 |
| 30% |
$176,700 |
$2,674 |
| 50% |
$294,500 |
$1,910 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,411 |
| 15 years |
$4,170 |
| 20 years |
$3,583 |
| 30 years |
$3,056 |
| 40 years |
$2,843 |
| Interest only |
$2,651 |
Can I afford a $589,000 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 $589,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$20,615 |
$200,066 |
| 5.0% |
$29,450 |
$197,610 |
| 7.5% |
$44,175 |
$193,517 |
| 10% |
$58,900 |
$189,424 |
| 15% |
$88,350 |
$181,237 |
| 20% |
$117,800 |
$173,051 |
| 25% |
$147,250 |
$164,865 |
| 30% |
$176,700 |
$156,679 |
| 50% |
$294,500 |
$123,934 |