Mortgage Payment on a $170,000 House
What's the payment on a $170,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $170k.
After a 20% down payment, your loan amount will be $136,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $882
Total yearly payments = $10,585
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$5,950 |
$1,064 |
| 5.0% |
$8,500 |
$1,047 |
| 7.5% |
$12,750 |
$1,020 |
| 10% |
$17,000 |
$992 |
| 15% |
$25,500 |
$937 |
| 20% |
$34,000 |
$882 |
| 25% |
$42,500 |
$827 |
| 30% |
$51,000 |
$772 |
| 50% |
$85,000 |
$551 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,562 |
| 15 years |
$1,203 |
| 20 years |
$1,034 |
| 30 years |
$882 |
| 40 years |
$821 |
| Interest only |
$765 |
Can I afford a $170,000 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 $170,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$5,950 |
$57,744 |
| 5.0% |
$8,500 |
$57,035 |
| 7.5% |
$12,750 |
$55,854 |
| 10% |
$17,000 |
$54,672 |
| 15% |
$25,500 |
$52,310 |
| 20% |
$34,000 |
$49,947 |
| 25% |
$42,500 |
$47,584 |
| 30% |
$51,000 |
$45,221 |
| 50% |
$85,000 |
$35,770 |