Mortgage Payment on a $124,000 House
What's the payment on a $124,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $124k.
After a 20% down payment, your loan amount will be $99,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $643
Total yearly payments = $7,721
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$4,340 |
$776 |
| 5.0% |
$6,200 |
$764 |
| 7.5% |
$9,300 |
$744 |
| 10% |
$12,400 |
$724 |
| 15% |
$18,600 |
$684 |
| 20% |
$24,800 |
$643 |
| 25% |
$31,000 |
$603 |
| 30% |
$37,200 |
$563 |
| 50% |
$62,000 |
$402 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,139 |
| 15 years |
$878 |
| 20 years |
$754 |
| 30 years |
$643 |
| 40 years |
$599 |
| Interest only |
$558 |
Can I afford a $124,000 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 $124,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$4,340 |
$42,119 |
| 5.0% |
$6,200 |
$41,602 |
| 7.5% |
$9,300 |
$40,740 |
| 10% |
$12,400 |
$39,879 |
| 15% |
$18,600 |
$38,155 |
| 20% |
$24,800 |
$36,432 |
| 25% |
$31,000 |
$34,708 |
| 30% |
$37,200 |
$32,985 |
| 50% |
$62,000 |
$26,091 |