How much should I expect monthly payments for a $600,000 mortgage?

I'm thinking of getting a mortgage loan that is worth $600,000. I have $200,000 downpayment. So that means, I have $400,000 that I owe left right? If I go for the 30 year plan mortgage. How much should I expect to pay each month? And what is the normal interest rate there is? I'm new to this mortgage loan so all the help, is amazing! thanks!!!!!!!!

My background: I'm an LPN currently studying to be an RN for my associate's degree & I currently do own my own home outright because I inherited this house. Now I want to buy another house near me for my younger brothers (20s) along with my mom, grandma etc.

Thanks so much!

Update:

How about $400,000? If I pay down $200,000 that means I have $200,000 left right?

How much should I expect for that mortgage plan for 30 years? Thanks!

9 Answers

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  • 8 years ago
    Best Answer

    To afford a home with a purchase price of $400,000, you need to earn $150,000 - 200,000 per year. No LPN or RN makes 6-figure salary. You can afford a home that is 2 to 2.5 times annual income. With a $200,000 down payment on a $400,000 house, you still cannot afford a $200,000 mortgage. Maybe if you held an MSN, and a high level position in a nursing specialty or administration, you might make it.

    As a rough rule of thumb, figure housing costs will run you 1% of purchase price per month. A $400,000 house will end up costing roughly $4000 for mortgage, taxes, homeowners insurance. Then add utilities and maintenance. Of course, this is a rough -off-the-cuff - estimate for quickie calculations, and obviously underestimates costs if you don't put enough down, or live in a high-tax area, etc. But quickie estimates from "rules of thumb" have their uses. Even this quick look indicates you are wildly off the mark in your housing dreams. As an LPN, & even after you become an RN, you will be looking for a house about half your current wishes. And DO NOT put all the proceeds from the old house's sale into a new house - save & invest a portion!

  • 3 years ago

    1

    Source(s): Find Low Monthly Payment Mortgage at BESTCREDITREVIEW.COM .
  • 4 years ago

    This Site Might Help You.

    RE:

    How much should I expect monthly payments for a $600,000 mortgage?

    I'm thinking of getting a mortgage loan that is worth $600,000. I have $200,000 downpayment. So that means, I have $400,000 that I owe left right? If I go for the 30 year plan mortgage. How much should I expect to pay each month? And what is the normal interest rate there is? I'm new to...

    Source(s): expect monthly payments 600 000 mortgage: https://biturl.im/WAHyQ
  • 8 years ago

    You can expect principal interest payments to be about $2600-$2700 monthly. As well, your payment will probably include an escrow to cover property taxes and property insurance. This addition can EASILY raise your required payment to $3500 per month, depending on the levels of property tax and insurance costs in your specific area.

    My guess ? As a registered nurse, your income will not be sufficient to cover such costs unless you go further into nursing, obtaining a master's degree in nursing, as well as specializing in a specific area of your nursing practice. Typical RN's with no specialty do not earn a sufficient income to handle the payments which you describe.

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  • 8 years ago

    Your monthly payment will be around $2,581.07

    Make sure this is not more than 25% of your income

    Current interst rates are ~4.22% on a 30 year

  • 4 years ago

    Don't listen to these Negative Nancies. I don't see how tax and insurance can add $900 plus. Go talk to a qualified broker and get a real picture.

  • 3 years ago

    600000 Mortgage

  • melva
    Lv 4
    3 years ago

    I do not consider that is right

  • Anonymous
    3 years ago

    I do not consider that is correct

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