Mortgage Payment on a $590,000 House
What's the payment on a $590,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $590k.
After a 20% down payment, your loan amount will be $472,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,061
Total yearly payments = $36,737
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,534 |
| 5.500% |
$2,680 |
| 6.000% |
$2,830 |
| 6.250% |
$2,906 |
| 6.500% |
$2,983 |
| 6.750% |
$3,061 |
| 6.875% |
$3,101 |
| 7.000% |
$3,140 |
| 7.250% |
$3,220 |
| 7.500% |
$3,300 |
| 7.625% |
$3,341 |
| 7.750% |
$3,381 |
| 8.000% |
$3,463 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$20,650 |
$3,693 |
| 5.0% |
$29,500 |
$3,635 |
| 7.5% |
$44,250 |
$3,540 |
| 10% |
$59,000 |
$3,444 |
| 15% |
$88,500 |
$3,253 |
| 20% |
$118,000 |
$3,061 |
| 25% |
$147,500 |
$2,870 |
| 30% |
$177,000 |
$2,679 |
| 50% |
$295,000 |
$1,913 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,420 |
| 15 years |
$4,177 |
| 20 years |
$3,589 |
| 30 years |
$3,061 |
| 40 years |
$2,848 |
| Interest only |
$2,655 |
Can I afford a $590,000 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 $590,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$20,650 |
$200,405 |
| 5.0% |
$29,500 |
$197,945 |
| 7.5% |
$44,250 |
$193,845 |
| 10% |
$59,000 |
$189,745 |
| 15% |
$88,500 |
$181,545 |
| 20% |
$118,000 |
$173,345 |
| 25% |
$147,500 |
$165,145 |
| 30% |
$177,000 |
$156,945 |
| 50% |
$295,000 |
$124,144 |