Mortgage Payment on a $599,000 House
What's the payment on a $599,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $599k.
After a 20% down payment, your loan amount will be $479,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,108
Total yearly payments = $37,297
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,572 |
| 5.500% |
$2,721 |
| 6.000% |
$2,873 |
| 6.250% |
$2,951 |
| 6.500% |
$3,029 |
| 6.750% |
$3,108 |
| 6.875% |
$3,148 |
| 7.000% |
$3,188 |
| 7.250% |
$3,269 |
| 7.500% |
$3,351 |
| 7.625% |
$3,392 |
| 7.750% |
$3,433 |
| 8.000% |
$3,516 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$20,965 |
$3,749 |
| 5.0% |
$29,950 |
$3,691 |
| 7.5% |
$44,925 |
$3,594 |
| 10% |
$59,900 |
$3,497 |
| 15% |
$89,850 |
$3,302 |
| 20% |
$119,800 |
$3,108 |
| 25% |
$149,750 |
$2,914 |
| 30% |
$179,700 |
$2,720 |
| 50% |
$299,500 |
$1,943 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,502 |
| 15 years |
$4,240 |
| 20 years |
$3,644 |
| 30 years |
$3,108 |
| 40 years |
$2,891 |
| Interest only |
$2,696 |
Can I afford a $599,000 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 $599,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$20,965 |
$203,462 |
| 5.0% |
$29,950 |
$200,965 |
| 7.5% |
$44,925 |
$196,802 |
| 10% |
$59,900 |
$192,640 |
| 15% |
$89,850 |
$184,314 |
| 20% |
$119,800 |
$175,989 |
| 25% |
$149,750 |
$167,664 |
| 30% |
$179,700 |
$159,339 |
| 50% |
$299,500 |
$126,038 |