Mortgage Payment on a $114,000 House
What's the payment on a $114,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $114k.
After a 20% down payment, your loan amount will be $91,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $592
Total yearly payments = $7,098
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,990 |
$714 |
| 5.0% |
$5,700 |
$702 |
| 7.5% |
$8,550 |
$684 |
| 10% |
$11,400 |
$665 |
| 15% |
$17,100 |
$628 |
| 20% |
$22,800 |
$592 |
| 25% |
$28,500 |
$555 |
| 30% |
$34,200 |
$518 |
| 50% |
$57,000 |
$370 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,047 |
| 15 years |
$807 |
| 20 years |
$693 |
| 30 years |
$592 |
| 40 years |
$550 |
| Interest only |
$513 |
Can I afford a $114,000 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 $114,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,990 |
$38,722 |
| 5.0% |
$5,700 |
$38,247 |
| 7.5% |
$8,550 |
$37,455 |
| 10% |
$11,400 |
$36,663 |
| 15% |
$17,100 |
$35,078 |
| 20% |
$22,800 |
$33,494 |
| 25% |
$28,500 |
$31,909 |
| 30% |
$34,200 |
$30,325 |
| 50% |
$57,000 |
$23,987 |