Mortgage Payment on a $163,000 House
What's the payment on a $163,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $163k.
After a 20% down payment, your loan amount will be $130,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $846
Total yearly payments = $10,149
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$5,705 |
$1,020 |
| 5.0% |
$8,150 |
$1,004 |
| 7.5% |
$12,225 |
$978 |
| 10% |
$16,300 |
$951 |
| 15% |
$24,450 |
$899 |
| 20% |
$32,600 |
$846 |
| 25% |
$40,750 |
$793 |
| 30% |
$48,900 |
$740 |
| 50% |
$81,500 |
$529 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,497 |
| 15 years |
$1,154 |
| 20 years |
$992 |
| 30 years |
$846 |
| 40 years |
$787 |
| Interest only |
$734 |
Can I afford a $163,000 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 $163,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$5,705 |
$55,366 |
| 5.0% |
$8,150 |
$54,687 |
| 7.5% |
$12,225 |
$53,554 |
| 10% |
$16,300 |
$52,421 |
| 15% |
$24,450 |
$50,156 |
| 20% |
$32,600 |
$47,890 |
| 25% |
$40,750 |
$45,625 |
| 30% |
$48,900 |
$43,359 |
| 50% |
$81,500 |
$34,297 |