What's the monthly mortgage payment on a $160,000 house? Loan price for a $160,000 house with a 3.75% interest rate.

Monthly payment = $593

Total yearly payments = $7,113

Payments by Interest Rate

Interest Rate | Payment |
---|---|

3.250% | $557 |

3.375% | $566 |

3.500% | $575 |

3.625% | $584 |

3.750% | $593 |

3.875% | $602 |

4.000% | $611 |

4.125% | $620 |

4.250% | $630 |

Payments by Amount Down

% Down | Amount | Payment |
---|---|---|

3.5% | $5,600 | $715 |

5.0% | $8,000 | $704 |

7.5% | $12,000 | $685 |

10% | $16,000 | $667 |

15% | $24,000 | $630 |

20% | $32,000 | $593 |

25% | $40,000 | $556 |

30% | $48,000 | $519 |

50% | $80,000 | $370 |

Payments by Loan Length

Length | Payment |
---|---|

10 years | $1,281 |

15 years | $931 |

20 years | $759 |

30 years | $593 |

40 years | $515 |

Interest only | $400 |

Can I afford a $160,000 house?

Traditionally, the "28% rule" means a person should not spend more than 28% of their pre-tax income on total housing costs.

Let's assume that taxes and insurance are 2% of the house price annually. Here's how much you'd have to make to afford a house that costs $160,000 with a 3.75% loan:

% Down | Down Payment | Income Required |
---|---|---|

3.5% | $5,600 | $42,074 |

5.0% | $8,000 | $41,597 |

7.5% | $12,000 | $40,803 |

10% | $16,000 | $40,009 |

15% | $24,000 | $38,422 |

20% | $32,000 | $36,834 |

25% | $40,000 | $35,246 |

30% | $48,000 | $33,658 |

50% | $80,000 | $27,307 |