$500 a Month Mortgage

How much mortgage can you get for $500 a month? Calculate home price based on $500 monthly payment.
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With the parameters you selected, \${$pageVals->prettyPayment}/mo will pay for a {$big} home loan.

This does not include the cost of insurance, repairs, taxes, PMI, HSA dues, or other costs.

How expensive of a home can I buy for $500 a month?
This calculates the amount of a mortgage that you can get with a $500 monthly payment. This is calculated based on the monthly payment, interest rate APR, and loan length. Add the down payment to the loan amount to find the total amount of the house that 500/month will afford.
What other costs do I need to consider?
Property Taxes: After the mortgage, your property taxes are usually the biggest expense on a property. Taxes are usually reset to a higher amount after you buy a home. A quick way to estimate your property taxes is to find your local millage rate and multiply by the taxable value of your home. The previous owner typically has a lower taxable value than your purchase price. When the taxable value is reset, your property taxes could increase significantly.
Maintenance: Over time, things break and need to be repaired. Consider these regular costs.
HOA Fees: If you buy a condo, HOA fees can be a large expense and these typically increase over time as the property ages.
Home Insurance: Home insurance is typically not too big of an expense but this can vary by region.
Mortgage Fees: Compare mortgages based on both interest rates and fees. Fees can vary widely based on the mortgage provider.
Down Payment: A standard down payment on a 30 year fixed rate mortgage is 20% of the purchase price however many loan programs offer lower down payments.
Mortgage Amount by Monthly Payment - 30 Year Fixed Mortgage
Payment 3% APR 4% APR 5% APR 6% APR 7% APR
500 / mo 118,595 104,731 93,141 83,396 75,154
505 / mo 119,781 105,778 94,072 84,230 75,905
510 / mo 120,967 106,825 95,004 85,064 76,657
515 / mo 122,153 107,873 95,935 85,898 77,408
520 / mo 123,338 108,920 96,866 86,732 78,160
525 / mo 124,524 109,967 97,798 87,566 78,911
530 / mo 125,710 111,014 98,729 88,400 79,663
535 / mo 126,896 112,062 99,661 89,234 80,415
540 / mo 128,082 113,109 100,592 90,067 81,166
545 / mo 129,268 114,156 101,523 90,901 81,918
550 / mo 130,454 115,204 102,455 91,735 82,669
555 / mo 131,640 116,251 103,386 92,569 83,421
560 / mo 132,826 117,298 104,318 93,403 84,172
565 / mo 134,012 118,346 105,249 94,237 84,924
570 / mo 135,198 119,393 106,181 95,071 85,675
575 / mo 136,384 120,440 107,112 95,905 86,427
580 / mo 137,570 121,488 108,043 96,739 87,178
585 / mo 138,756 122,535 108,975 97,573 87,930
590 / mo 139,942 123,582 109,906 98,407 88,681
595 / mo 141,128 124,629 110,838 99,241 89,433
600 / mo 142,314 125,677 111,769 100,075 90,185
Loan Amount by Rate. 30 year fixed, $500/mo
Interest Rate Mortgage
2.000% 135,274
2.125% 133,014
2.250% 130,806
2.375% 128,650
2.500% 126,544
2.625% 124,486
2.750% 122,477
2.875% 120,513
3.000% 118,595
3.125% 116,720
3.250% 114,888
3.375% 113,098
3.500% 111,347
3.625% 109,637
3.750% 107,964
3.875% 106,329
4.000% 104,731
4.125% 103,167
4.250% 101,638
4.375% 100,143
4.500% 98,681
4.625% 97,250
4.750% 95,850
4.875% 94,481
5.000% 93,141
5.125% 91,830
5.250% 90,546
5.375% 89,290
5.500% 88,061
5.625% 86,857
5.750% 85,679
5.875% 84,525
6.000% 83,396
6.125% 82,290
6.250% 81,206
6.375% 80,145
6.500% 79,105
6.625% 78,087
6.750% 77,089
6.875% 76,112
7.000% 75,154