Mortgage Payment on a $108,000 House
What's the payment on a $108,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $108k.
After a 20% down payment, your loan amount will be $86,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $560
Total yearly payments = $6,725
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,780 |
$676 |
| 5.0% |
$5,400 |
$665 |
| 7.5% |
$8,100 |
$648 |
| 10% |
$10,800 |
$630 |
| 15% |
$16,200 |
$595 |
| 20% |
$21,600 |
$560 |
| 25% |
$27,000 |
$525 |
| 30% |
$32,400 |
$490 |
| 50% |
$54,000 |
$350 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$992 |
| 15 years |
$765 |
| 20 years |
$657 |
| 30 years |
$560 |
| 40 years |
$521 |
| Interest only |
$486 |
Can I afford a $108,000 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 $108,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,780 |
$36,684 |
| 5.0% |
$5,400 |
$36,234 |
| 7.5% |
$8,100 |
$35,484 |
| 10% |
$10,800 |
$34,733 |
| 15% |
$16,200 |
$33,232 |
| 20% |
$21,600 |
$31,731 |
| 25% |
$27,000 |
$30,230 |
| 30% |
$32,400 |
$28,729 |
| 50% |
$54,000 |
$22,725 |