Mortgage Payment on a $167,000 House
What's the payment on a $167,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $167k.
After a 20% down payment, your loan amount will be $133,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $867
Total yearly payments = $10,398
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$5,845 |
$1,045 |
| 5.0% |
$8,350 |
$1,029 |
| 7.5% |
$12,525 |
$1,002 |
| 10% |
$16,700 |
$975 |
| 15% |
$25,050 |
$921 |
| 20% |
$33,400 |
$867 |
| 25% |
$41,750 |
$812 |
| 30% |
$50,100 |
$758 |
| 50% |
$83,500 |
$542 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,534 |
| 15 years |
$1,182 |
| 20 years |
$1,016 |
| 30 years |
$867 |
| 40 years |
$806 |
| Interest only |
$752 |
Can I afford a $167,000 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 $167,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$5,845 |
$56,725 |
| 5.0% |
$8,350 |
$56,029 |
| 7.5% |
$12,525 |
$54,868 |
| 10% |
$16,700 |
$53,708 |
| 15% |
$25,050 |
$51,386 |
| 20% |
$33,400 |
$49,065 |
| 25% |
$41,750 |
$46,744 |
| 30% |
$50,100 |
$44,423 |
| 50% |
$83,500 |
$35,139 |