| Interest Rate | Payment |
|---|---|
| 4.250% | $1,181 |
| 4.375% | $1,198 |
| 4.500% | $1,216 |
| 4.625% | $1,234 |
| 4.750% | $1,252 |
| 4.875% | $1,270 |
| 5.000% | $1,288 |
| 5.125% | $1,307 |
| 5.250% | $1,325 |
| % Down | Amount | Payment |
|---|---|---|
| 3.5% | $10,500 | $1,510 |
| 5.0% | $15,000 | $1,487 |
| 7.5% | $22,500 | $1,448 |
| 10% | $30,000 | $1,408 |
| 15% | $45,000 | $1,330 |
| 20% | $60,000 | $1,252 |
| 25% | $75,000 | $1,174 |
| 30% | $90,000 | $1,095 |
| 50% | $150,000 | $782 |
| Length | Payment |
|---|---|
| 10 years | $2,516 |
| 15 years | $1,867 |
| 20 years | $1,551 |
| 30 years | $1,252 |
| 40 years | $1,118 |
| Interest only | $950 |
Can I afford a $300,000 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 $300,000 with a 4.75% loan:
| % Down | Down Payment | Income Required |
|---|---|---|
| 3.5% | $10,500 | $86,150 |
| 5.0% | $15,000 | $85,144 |
| 7.5% | $22,500 | $83,467 |
| 10% | $30,000 | $81,791 |
| 15% | $45,000 | $78,437 |
| 20% | $60,000 | $75,084 |
| 25% | $75,000 | $71,730 |
| 30% | $90,000 | $68,377 |
| 50% | $150,000 | $54,963 |