Mortgage Payment on a $164,000 House
What's the payment on a $164,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $164k.
After a 20% down payment, your loan amount will be $131,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $851
Total yearly payments = $10,212
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$5,740 |
$1,026 |
| 5.0% |
$8,200 |
$1,011 |
| 7.5% |
$12,300 |
$984 |
| 10% |
$16,400 |
$957 |
| 15% |
$24,600 |
$904 |
| 20% |
$32,800 |
$851 |
| 25% |
$41,000 |
$798 |
| 30% |
$49,200 |
$745 |
| 50% |
$82,000 |
$532 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,506 |
| 15 years |
$1,161 |
| 20 years |
$998 |
| 30 years |
$851 |
| 40 years |
$792 |
| Interest only |
$738 |
Can I afford a $164,000 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 $164,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$5,740 |
$55,706 |
| 5.0% |
$8,200 |
$55,022 |
| 7.5% |
$12,300 |
$53,882 |
| 10% |
$16,400 |
$52,743 |
| 15% |
$24,600 |
$50,463 |
| 20% |
$32,800 |
$48,184 |
| 25% |
$41,000 |
$45,905 |
| 30% |
$49,200 |
$43,625 |
| 50% |
$82,000 |
$34,508 |