How Much Does it Cost to Buy a 598,000 House?

Let's start with the biggest cost; the mortgage.

The monthly payment of a mortgage is based on the loan amount, interest rate, and loan length. Take a quick view of the chart to see potential payments for a $598,000 house with a 20% down payment of $119,600. This gives a loan amount of $478,400.

The chart below shows the monthly payment for 30 year mortgages.

30 Year Mortgage
478,400 at 2% 1,768.26
478,400 at 2.25% 1,828.67
478,400 at 2.5% 1,890.26
478,400 at 2.75% 1,953.03
478,400 at 3% 2,016.95
478,400 at 3.25% 2,082.03
478,400 at 3.5% 2,148.23
478,400 at 3.75% 2,215.54
478,400 at 4% 2,283.95
478,400 at 4.25% 2,353.44
478,400 at 4.5% 2,423.98
30 Year Mortgage
478,400 at 4.75% 2,495.56
478,400 at 5% 2,568.15
478,400 at 5.25% 2,641.74
478,400 at 5.5% 2,716.30
478,400 at 5.75% 2,791.81
478,400 at 6% 2,868.25
478,400 at 6.25% 2,945.59
478,400 at 6.5% 3,023.81
478,400 at 6.75% 3,102.89
478,400 at 7% 3,182.81
478,400 at 7.25% 3,263.53

To make a specific calculation for a mortgage payment, try the calculator below. Enter your loan details and click calculator.

$
$
%
years
How much are property taxes on a 598,000 home?
After the mortgage the next biggest cost is usually property taxes. Property taxes vary based on the municipality. The big thing to remember is that they often increase significantly after buying a house. This is because the taxable value is usually reset to reflect the new purchase price. To estimate your new taxes, find your local property tax rate and multiply by your home value.

Pay attention to how taxable values are recorded. Many times the taxable value will be reset to 50% of the actual purchase price. For example, let's say that you buy a house for 598k. The taxable value might be recorded as 299,000. Then find your local property tax rate. This is often recorded as mills. 1 mill is equal to 1/1000 of a dollar. In this scenario we use a tax rate of 40 mills.
Purchase Price 598,000
Taxable Value 299,000
Millage Rate 40 Mills (4% of taxable value)
Property Taxes 11,960
While assessed values don't always reflect the new purchase price, be prepared to pay more property taxes than the previous owner.
How much is home insurance on a 598k Home?
Home insurance varies based on many factors. It is usually about 1% of the home value. The easiest way to find out is to get an insurance quote with an agent.
How much is the down payment on a 598k home?
A typical down payment is 20% of the purchase price. This would be 119,600 for a 598,000 house. Many programs allow for lower down payments, such as VA loans or first time home buyer loans.
Purchase Price 598,000
3.5% Down Payment 20,930
5% Down Payment 29,900
10% Down Payment 59,800
15% Down Payment 89,700
20% Down Payment 119,600
25% Down Payment 149,500