Mortgage Payment on a $168,000 House
What's the payment on a $168,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $168k.
After a 20% down payment, your loan amount will be $134,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $872
Total yearly payments = $10,461
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$5,880 |
$1,052 |
| 5.0% |
$8,400 |
$1,035 |
| 7.5% |
$12,600 |
$1,008 |
| 10% |
$16,800 |
$981 |
| 15% |
$25,200 |
$926 |
| 20% |
$33,600 |
$872 |
| 25% |
$42,000 |
$817 |
| 30% |
$50,400 |
$763 |
| 50% |
$84,000 |
$545 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,543 |
| 15 years |
$1,189 |
| 20 years |
$1,022 |
| 30 years |
$872 |
| 40 years |
$811 |
| Interest only |
$756 |
Can I afford a $168,000 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 $168,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$5,880 |
$57,065 |
| 5.0% |
$8,400 |
$56,364 |
| 7.5% |
$12,600 |
$55,197 |
| 10% |
$16,800 |
$54,029 |
| 15% |
$25,200 |
$51,694 |
| 20% |
$33,600 |
$49,359 |
| 25% |
$42,000 |
$47,024 |
| 30% |
$50,400 |
$44,689 |
| 50% |
$84,000 |
$35,350 |