### Mortgage Costs for a \$742,000 Home

##### Monthly Payment Options

Here are the monthly payments for a \$742,000 home loan based on a down payment and current mortgage rate averages from Freddie Mac as of 8/1/2024. To make a specific calculation, visit the amortization calculator.

Down Payment
(% - Amount)
15 Year Mortgage
(5.99% Fixed Rate)
30 Year Mortgage
(6.73% Fixed Rate)
0% - \$0\$6,257\$4,803
3% - \$22,260\$6,070\$4,659
5% - \$37,100\$5,945\$4,563
7% - \$51,940\$5,819\$4,467
10% - \$74,200\$5,632\$4,322
15% - \$111,300\$5,319\$4,082
20% - \$148,400\$5,006\$3,842
25% - \$185,500\$4,693\$3,602
30% - \$222,600\$4,380\$3,362

Use our amortization calculator to create a printable payment schedule for any of these options. Just subtract your down payment from the home price and enter that number as the loan's principal.

##### Total Costs Comparison

Here are the total cost (principal and interest) of each mortgage option not including the down payment.

Down Payment
(% - Amount)
15 Year Mortgage
(5.99% Fixed Rate)
30 Year Mortgage
(6.73% Fixed Rate)
0% - \$0\$1,126,334\$1,728,986
3% - \$22,260\$1,092,544\$1,677,116
5% - \$37,100\$1,070,017\$1,642,536
7% - \$51,940\$1,047,490\$1,607,957
10% - \$74,200\$1,013,700\$1,556,087
15% - \$111,300\$957,384\$1,469,638
20% - \$148,400\$901,067\$1,383,188
25% - \$185,500\$844,750\$1,296,739
30% - \$222,600\$788,434\$1,210,290
##### Can I Afford a \$742,000 Home?

Financial advisors recommend that your mortgage payment should be no more than 28% of your monthly household income. Considering that fact, here are the minimum required monthly incomes you need to afford this house based on your down payment.

Down Payment
(% - Amount)
15 Year Mortgage
Household Income
30 Year Mortgage
Household Income
0% - \$0\$22,348\$17,153
3% - \$22,260\$21,677\$16,638
5% - \$37,100\$21,230\$16,295
7% - \$51,940\$20,784\$15,952
10% - \$74,200\$20,113\$15,437
15% - \$111,300\$18,996\$14,580
20% - \$148,400\$17,878\$13,722
25% - \$185,500\$16,761\$12,864
30% - \$222,600\$15,644\$12,007