Mortgage Payment on a $102,000 House
What's the payment on a $102,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $102k.
After a 20% down payment, your loan amount will be $81,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $529
Total yearly payments = $6,351
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,570 |
$638 |
| 5.0% |
$5,100 |
$628 |
| 7.5% |
$7,650 |
$612 |
| 10% |
$10,200 |
$595 |
| 15% |
$15,300 |
$562 |
| 20% |
$20,400 |
$529 |
| 25% |
$25,500 |
$496 |
| 30% |
$30,600 |
$463 |
| 50% |
$51,000 |
$331 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$937 |
| 15 years |
$722 |
| 20 years |
$620 |
| 30 years |
$529 |
| 40 years |
$492 |
| Interest only |
$459 |
Can I afford a $102,000 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 $102,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,570 |
$34,646 |
| 5.0% |
$5,100 |
$34,221 |
| 7.5% |
$7,650 |
$33,512 |
| 10% |
$10,200 |
$32,803 |
| 15% |
$15,300 |
$31,386 |
| 20% |
$20,400 |
$29,968 |
| 25% |
$25,500 |
$28,550 |
| 30% |
$30,600 |
$27,133 |
| 50% |
$51,000 |
$21,462 |