Mortgage Payment on a $110,000 House
What's the payment on a $110,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $110k.
After a 20% down payment, your loan amount will be $88,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $571
Total yearly payments = $6,849
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,850 |
$688 |
| 5.0% |
$5,500 |
$678 |
| 7.5% |
$8,250 |
$660 |
| 10% |
$11,000 |
$642 |
| 15% |
$16,500 |
$606 |
| 20% |
$22,000 |
$571 |
| 25% |
$27,500 |
$535 |
| 30% |
$33,000 |
$499 |
| 50% |
$55,000 |
$357 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,010 |
| 15 years |
$779 |
| 20 years |
$669 |
| 30 years |
$571 |
| 40 years |
$531 |
| Interest only |
$495 |
Can I afford a $110,000 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 $110,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,850 |
$37,364 |
| 5.0% |
$5,500 |
$36,905 |
| 7.5% |
$8,250 |
$36,141 |
| 10% |
$11,000 |
$35,376 |
| 15% |
$16,500 |
$33,847 |
| 20% |
$22,000 |
$32,319 |
| 25% |
$27,500 |
$30,790 |
| 30% |
$33,000 |
$29,261 |
| 50% |
$55,000 |
$23,146 |