Mortgage Payment on a $128,000 House
What's the payment on a $128,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $128k.
After a 20% down payment, your loan amount will be $102,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $664
Total yearly payments = $7,970
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$4,480 |
$801 |
| 5.0% |
$6,400 |
$789 |
| 7.5% |
$9,600 |
$768 |
| 10% |
$12,800 |
$747 |
| 15% |
$19,200 |
$706 |
| 20% |
$25,600 |
$664 |
| 25% |
$32,000 |
$623 |
| 30% |
$38,400 |
$581 |
| 50% |
$64,000 |
$415 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,176 |
| 15 years |
$906 |
| 20 years |
$779 |
| 30 years |
$664 |
| 40 years |
$618 |
| Interest only |
$576 |
Can I afford a $128,000 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 $128,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$4,480 |
$43,478 |
| 5.0% |
$6,400 |
$42,944 |
| 7.5% |
$9,600 |
$42,055 |
| 10% |
$12,800 |
$41,165 |
| 15% |
$19,200 |
$39,386 |
| 20% |
$25,600 |
$37,607 |
| 25% |
$32,000 |
$35,828 |
| 30% |
$38,400 |
$34,049 |
| 50% |
$64,000 |
$26,933 |