Mortgage Payment on a $107,000 House
What's the payment on a $107,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $107k.
After a 20% down payment, your loan amount will be $85,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $555
Total yearly payments = $6,662
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,745 |
$670 |
| 5.0% |
$5,350 |
$659 |
| 7.5% |
$8,025 |
$642 |
| 10% |
$10,700 |
$625 |
| 15% |
$16,050 |
$590 |
| 20% |
$21,400 |
$555 |
| 25% |
$26,750 |
$520 |
| 30% |
$32,100 |
$486 |
| 50% |
$53,500 |
$347 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$983 |
| 15 years |
$757 |
| 20 years |
$651 |
| 30 years |
$555 |
| 40 years |
$516 |
| Interest only |
$482 |
Can I afford a $107,000 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 $107,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,745 |
$36,345 |
| 5.0% |
$5,350 |
$35,899 |
| 7.5% |
$8,025 |
$35,155 |
| 10% |
$10,700 |
$34,411 |
| 15% |
$16,050 |
$32,924 |
| 20% |
$21,400 |
$31,437 |
| 25% |
$26,750 |
$29,950 |
| 30% |
$32,100 |
$28,463 |
| 50% |
$53,500 |
$22,514 |