Mortgage Payment on a $119,000 House
What's the payment on a $119,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $119k.
After a 20% down payment, your loan amount will be $95,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $617
Total yearly payments = $7,410
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$4,165 |
$745 |
| 5.0% |
$5,950 |
$733 |
| 7.5% |
$8,925 |
$714 |
| 10% |
$11,900 |
$695 |
| 15% |
$17,850 |
$656 |
| 20% |
$23,800 |
$617 |
| 25% |
$29,750 |
$579 |
| 30% |
$35,700 |
$540 |
| 50% |
$59,500 |
$386 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,093 |
| 15 years |
$842 |
| 20 years |
$724 |
| 30 years |
$617 |
| 40 years |
$574 |
| Interest only |
$536 |
Can I afford a $119,000 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 $119,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$4,165 |
$40,421 |
| 5.0% |
$5,950 |
$39,925 |
| 7.5% |
$8,925 |
$39,098 |
| 10% |
$11,900 |
$38,271 |
| 15% |
$17,850 |
$36,617 |
| 20% |
$23,800 |
$34,963 |
| 25% |
$29,750 |
$33,309 |
| 30% |
$35,700 |
$31,655 |
| 50% |
$59,500 |
$25,039 |