Mortgage Payment on a $123,000 House at 7.75%
What's the payment on a $123,000 house with a a 30-year loan mortgage at 7.75%? Calculate the monthly mortgage on a house, condo, or apartment which costs $123k.
After a 20% down payment, your loan amount will be $98,400. With a 30-year loan loan at 7.75% interest:
Monthly payment = $705
Total yearly payments = $8,459
Payments by Interest Rate
| Interest Rate |
Payment |
| 7.00 |
$655 |
| 7.25 |
$671 |
| 7.50 |
$688 |
| 7.75 |
$705 |
| 7.90 |
$715 |
| 7.95 |
$719 |
| 7.99 |
$721 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$4,305 |
$850 |
| 5.0% |
$6,150 |
$837 |
| 7.5% |
$9,225 |
$815 |
| 10% |
$12,300 |
$793 |
| 15% |
$18,450 |
$749 |
| 20% |
$24,600 |
$705 |
| 25% |
$30,750 |
$661 |
| 30% |
$36,900 |
$617 |
| 50% |
$61,500 |
$441 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,181 |
| 15 years |
$926 |
| 20 years |
$808 |
| 30 years |
$705 |
| 40 years |
$666 |
| Interest only |
$636 |
Mortgage Tips
1. Credit score matters
Get a free copy of your
credit report to make sure there are no errors which might negatively affect your credit score.
2. Shop around
Make sure to get multiple mortgage quotes. Over 30 years, a difference of 0.25% in APR might end up being over $10,000 in extra payments!
3. Bigger down payments are better.
You can often qualify for a mortgage with as little as 3.5% down. But, unless your down payment is at least 20%, you will likely have to pay
Private Mortgage Insurance (PMI). This can add significant cost to the price of the mortgage.
Average House Prices by State
What is the average price for a house or condo in each state of the U.S.?
Source: Zillow, June 2024
| State |
Rank |
Price |
| Hawaii |
1 |
$854,669 |
| California |
2 |
$786,730 |
| Massachusetts |
3 |
$634,690 |
| Washington |
4 |
$601,851 |
| Colorado |
5 |
$551,281 |
| New Jersey |
6 |
$534,939 |
| Utah |
7 |
$522,732 |
| Oregon |
8 |
$503,525 |
| New Hampshire |
9 |
$484,742 |
| New York |
10 |
$478,973 |
| Rhode Island |
11 |
$471,357 |
| Montana |
12 |
$470,917 |
| Idaho |
13 |
$460,955 |
| Nevada |
14 |
$443,103 |
| Arizona |
15 |
$434,773 |
| Maryland |
16 |
$422,711 |
| Connecticut |
17 |
$411,272 |
| State |
Rank |
Price |
| Maine |
18 |
$409,785 |
| Vermont |
19 |
$401,965 |
| Florida |
20 |
$398,077 |
| Virginia |
21 |
$396,331 |
| Delaware |
22 |
$391,908 |
| Alaska |
23 |
$364,888 |
| Wyoming |
24 |
$349,461 |
| Minnesota |
25 |
$340,688 |
| North Carolina |
26 |
$335,521 |
| Georgia |
27 |
$334,819 |
| Tennessee |
28 |
$325,653 |
| Wisconsin |
29 |
$311,845 |
| South Dakota |
30 |
$308,977 |
| Texas |
31 |
$308,121 |
| New Mexico |
32 |
$306,014 |
| South Carolina |
33 |
$301,130 |
| Pennsylvania |
34 |
$272,477 |
| State |
Rank |
Price |
| Illinois |
35 |
$270,830 |
| Nebraska |
36 |
$265,435 |
| North Dakota |
37 |
$265,368 |
| Michigan |
38 |
$252,988 |
| Missouri |
39 |
$251,819 |
| Indiana |
40 |
$246,289 |
| Ohio |
41 |
$234,640 |
| Kansas |
42 |
$233,625 |
| Alabama |
43 |
$231,948 |
| Iowa |
44 |
$223,490 |
| Kentucky |
45 |
$211,473 |
| Arkansas |
46 |
$210,379 |
| Oklahoma |
47 |
$209,409 |
| Louisiana |
48 |
$204,007 |
| Mississippi |
49 |
$183,035 |
| West Virginia |
50 |
$169,441 |