Mortgage Payment on a $120,000 House
What's the payment on a $120,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $120k.
After a 20% down payment, your loan amount will be $96,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $623
Total yearly payments = $7,472
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$4,200 |
$751 |
| 5.0% |
$6,000 |
$739 |
| 7.5% |
$9,000 |
$720 |
| 10% |
$12,000 |
$700 |
| 15% |
$18,000 |
$662 |
| 20% |
$24,000 |
$623 |
| 25% |
$30,000 |
$584 |
| 30% |
$36,000 |
$545 |
| 50% |
$60,000 |
$389 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,102 |
| 15 years |
$850 |
| 20 years |
$730 |
| 30 years |
$623 |
| 40 years |
$579 |
| Interest only |
$540 |
Can I afford a $120,000 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 $120,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$4,200 |
$40,760 |
| 5.0% |
$6,000 |
$40,260 |
| 7.5% |
$9,000 |
$39,426 |
| 10% |
$12,000 |
$38,592 |
| 15% |
$18,000 |
$36,924 |
| 20% |
$24,000 |
$35,257 |
| 25% |
$30,000 |
$33,589 |
| 30% |
$36,000 |
$31,921 |
| 50% |
$60,000 |
$25,250 |