$185,000 House at 4.00%

What's the monthly mortgage payment on a $185k house? Loan price for a $185,000 house with a 4.00% interest rate.
$
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Monthly payment = $707
Total yearly payments = $8,479
Payments by Interest Rate
Interest Rate Payment
3.500% $665
3.625% $675
3.750% $685
3.875% $696
4.000% $707
4.125% $717
4.250% $728
4.375% $739
4.500% $750
Payments by Amount Down
% Down Amount Payment
3.5% $6,475 $852
5.0% $9,250 $839
7.5% $13,875 $817
10% $18,500 $795
15% $27,750 $751
20% $37,000 $707
25% $46,250 $662
30% $55,500 $618
50% $92,500 $442
Payments by Loan Length
Length Payment
10 years $1,498
15 years $1,095
20 years $897
30 years $707
40 years $619
Interest only $493

Mortgage Tips

  • Credit score matters. Get a free copy of your credit report to make sure there are no errors which might negatively affect your credit score.
  • Shop around. Make sure to get multiple mortgage quotes. Over 30 years, a difference of 0.25% in APR might end up being over $10,000 in extra payments!
  • Bigger down payments are better. You can often qualify for a mortgage with as little as 3.5% down. But, unless your down payment is at least 20%, you will likely have to pay Private Mortgage Insurance (PMI). This can add significant cost to the price of the mortgage.

Can I afford a $185,000 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 $185,000 with a 4.00% loan:

% Down Down Payment Income Required
3.5% $6,475 $49,742
5.0% $9,250 $49,174
7.5% $13,875 $48,228
10% $18,500 $47,281
15% $27,750 $45,389
20% $37,000 $43,496
25% $46,250 $41,603
30% $55,500 $39,711
50% $92,500 $32,140
Average House Prices by State
What is the average price for a house or condo in each state of the U.S.?
Source: Zillow, March 2020
State Rank Price
Alabama 46 $143,100
Alaska 13 $300,100
Arizona 18 $277,600
Arkansas 48 $130,900
California 2 $578,300
Colorado 5 $408,800
Connecticut 21 $259,900
Delaware 22 $257,500
Florida 24 $252,300
Georgia 31 $206,800
Hawaii 1 $642,500
Idaho 15 $298,300
Illinois 32 $204,800
Indiana 41 $158,700
Iowa 42 $154,700
Kansas 43 $153,900
Kentucky 45 $150,000
State Rank Price
Louisiana 39 $170,400
Maine 25 $249,600
Maryland 10 $313,000
Massachusetts 3 $433,900
Michigan 38 $177,000
Minnesota 19 $263,700
Mississippi 49 $127,500
Missouri 40 $165,700
Montana 17 $288,900
Nebraska 37 $178,900
Nevada 11 $309,700
New Hampshire 14 $299,300
New Jersey 8 $342,500
New Mexico 28 $210,100
New York 9 $328,700
North Carolina 30 $208,000
North Dakota 26 $237,500
State Rank Price
Ohio 44 $153,600
Oklahoma 47 $132,500
Oregon 6 $372,900
Pennsylvania 34 $198,400
Rhode Island 12 $308,700
South Carolina 36 $190,600
South Dakota 29 $209,700
Tennessee 35 $192,600
Texas 27 $211,200
Utah 7 $355,500
Vermont 20 $261,300
Virginia 16 $291,000
Washington 4 $428,900
West Virginia 50 $107,100
Wisconsin 33 $202,700
Wyoming 23 $256,100