Mortgage Payment on a $104,000 House
What's the payment on a $104,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $104k.
After a 20% down payment, your loan amount will be $83,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $540
Total yearly payments = $6,476
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,640 |
$651 |
| 5.0% |
$5,200 |
$641 |
| 7.5% |
$7,800 |
$624 |
| 10% |
$10,400 |
$607 |
| 15% |
$15,600 |
$573 |
| 20% |
$20,800 |
$540 |
| 25% |
$26,000 |
$506 |
| 30% |
$31,200 |
$472 |
| 50% |
$52,000 |
$337 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$955 |
| 15 years |
$736 |
| 20 years |
$633 |
| 30 years |
$540 |
| 40 years |
$502 |
| Interest only |
$468 |
Can I afford a $104,000 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 $104,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,640 |
$35,326 |
| 5.0% |
$5,200 |
$34,892 |
| 7.5% |
$7,800 |
$34,169 |
| 10% |
$10,400 |
$33,447 |
| 15% |
$15,600 |
$32,001 |
| 20% |
$20,800 |
$30,556 |
| 25% |
$26,000 |
$29,110 |
| 30% |
$31,200 |
$27,665 |
| 50% |
$52,000 |
$21,883 |