Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $2,684.11 | $3,299.78 | $3,953.97 |
| 5.25% | $2,761.02 | $3,369.22 | $4,019.39 |
| 5.50% | $2,838.95 | $3,439.44 | $4,085.42 |
| 5.75% | $2,917.86 | $3,510.42 | $4,152.05 |
| 6.00% | $2,997.75 | $3,582.16 | $4,219.28 |
| 6.25% | $3,078.59 | $3,654.64 | $4,287.11 |
| 6.50% | $3,160.34 | $3,727.87 | $4,355.54 |
| 6.75% | $3,242.99 | $3,801.82 | $4,424.55 |
| 7.00% | $3,326.51 | $3,876.49 | $4,494.14 |
| 7.25% | $3,410.88 | $3,951.88 | $4,564.31 |
| 7.50% | $3,496.07 | $4,027.97 | $4,635.06 |
| 7.75% | $3,582.06 | $4,104.74 | $4,706.38 |
| 8.00% | $3,668.82 | $4,182.20 | $4,778.26 |
These are principal and interest only. Property tax, homeowners insurance, PMI (if you put less than 20% down) and HOA dues are added to the real monthly cost. The mortgage calculator includes all of them.
Income needed for a $500k mortgage
Many lenders want the full housing payment under about 28% of gross monthly income. With a 6.5% rate, property tax around 1.2% a year and roughly $150 a month of insurance, the payment is about $3,810, which points to a household income near $163,300 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $500k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $515,464 | $15,464 |
| 5% | $526,316 | $26,316 |
| 10% | $555,556 | $55,556 |
| 20% | $625,000 | $125,000 |