Mortgage Payment on a $597,000 House
What's the payment on a $597,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $597k.
After a 20% down payment, your loan amount will be $477,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,098
Total yearly payments = $37,172
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,564 |
| 5.500% |
$2,712 |
| 6.000% |
$2,863 |
| 6.250% |
$2,941 |
| 6.500% |
$3,019 |
| 6.750% |
$3,098 |
| 6.875% |
$3,137 |
| 7.000% |
$3,177 |
| 7.250% |
$3,258 |
| 7.500% |
$3,339 |
| 7.625% |
$3,380 |
| 7.750% |
$3,422 |
| 8.000% |
$3,504 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$20,895 |
$3,737 |
| 5.0% |
$29,850 |
$3,679 |
| 7.5% |
$44,775 |
$3,582 |
| 10% |
$59,700 |
$3,485 |
| 15% |
$89,550 |
$3,291 |
| 20% |
$119,400 |
$3,098 |
| 25% |
$149,250 |
$2,904 |
| 30% |
$179,100 |
$2,710 |
| 50% |
$298,500 |
$1,936 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,484 |
| 15 years |
$4,226 |
| 20 years |
$3,631 |
| 30 years |
$3,098 |
| 40 years |
$2,882 |
| Interest only |
$2,687 |
Can I afford a $597,000 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 $597,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$20,895 |
$202,783 |
| 5.0% |
$29,850 |
$200,294 |
| 7.5% |
$44,775 |
$196,145 |
| 10% |
$59,700 |
$191,996 |
| 15% |
$89,550 |
$183,699 |
| 20% |
$119,400 |
$175,402 |
| 25% |
$149,250 |
$167,104 |
| 30% |
$179,100 |
$158,807 |
| 50% |
$298,500 |
$125,617 |