Mortgage Payment on a $112,000 House
What's the payment on a $112,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $112k.
After a 20% down payment, your loan amount will be $89,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $581
Total yearly payments = $6,974
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,920 |
$701 |
| 5.0% |
$5,600 |
$690 |
| 7.5% |
$8,400 |
$672 |
| 10% |
$11,200 |
$654 |
| 15% |
$16,800 |
$617 |
| 20% |
$22,400 |
$581 |
| 25% |
$28,000 |
$545 |
| 30% |
$33,600 |
$509 |
| 50% |
$56,000 |
$363 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,029 |
| 15 years |
$793 |
| 20 years |
$681 |
| 30 years |
$581 |
| 40 years |
$541 |
| Interest only |
$504 |
Can I afford a $112,000 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 $112,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,920 |
$38,043 |
| 5.0% |
$5,600 |
$37,576 |
| 7.5% |
$8,400 |
$36,798 |
| 10% |
$11,200 |
$36,019 |
| 15% |
$16,800 |
$34,463 |
| 20% |
$22,400 |
$32,906 |
| 25% |
$28,000 |
$31,350 |
| 30% |
$33,600 |
$29,793 |
| 50% |
$56,000 |
$23,566 |