Mortgage Payment on a $116,000 House
What's the payment on a $116,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $116k.
After a 20% down payment, your loan amount will be $92,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $602
Total yearly payments = $7,223
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$4,060 |
$726 |
| 5.0% |
$5,800 |
$715 |
| 7.5% |
$8,700 |
$696 |
| 10% |
$11,600 |
$677 |
| 15% |
$17,400 |
$640 |
| 20% |
$23,200 |
$602 |
| 25% |
$29,000 |
$564 |
| 30% |
$34,800 |
$527 |
| 50% |
$58,000 |
$376 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,066 |
| 15 years |
$821 |
| 20 years |
$706 |
| 30 years |
$602 |
| 40 years |
$560 |
| Interest only |
$522 |
Can I afford a $116,000 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 $116,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$4,060 |
$39,402 |
| 5.0% |
$5,800 |
$38,918 |
| 7.5% |
$8,700 |
$38,112 |
| 10% |
$11,600 |
$37,306 |
| 15% |
$17,400 |
$35,694 |
| 20% |
$23,200 |
$34,081 |
| 25% |
$29,000 |
$32,469 |
| 30% |
$34,800 |
$30,857 |
| 50% |
$58,000 |
$24,408 |