Mortgage Payment on a $162,000 House
What's the payment on a $162,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $162k.
After a 20% down payment, your loan amount will be $129,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $841
Total yearly payments = $10,087
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$5,670 |
$1,014 |
| 5.0% |
$8,100 |
$998 |
| 7.5% |
$12,150 |
$972 |
| 10% |
$16,200 |
$946 |
| 15% |
$24,300 |
$893 |
| 20% |
$32,400 |
$841 |
| 25% |
$40,500 |
$788 |
| 30% |
$48,600 |
$736 |
| 50% |
$81,000 |
$525 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,488 |
| 15 years |
$1,147 |
| 20 years |
$985 |
| 30 years |
$841 |
| 40 years |
$782 |
| Interest only |
$729 |
Can I afford a $162,000 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 $162,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$5,670 |
$55,027 |
| 5.0% |
$8,100 |
$54,351 |
| 7.5% |
$12,150 |
$53,225 |
| 10% |
$16,200 |
$52,100 |
| 15% |
$24,300 |
$49,848 |
| 20% |
$32,400 |
$47,596 |
| 25% |
$40,500 |
$45,345 |
| 30% |
$48,600 |
$43,093 |
| 50% |
$81,000 |
$34,087 |