Mortgage Payment on a $172,000 House
What's the payment on a $172,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $172k.
After a 20% down payment, your loan amount will be $137,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $892
Total yearly payments = $10,710
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,020 |
$1,077 |
| 5.0% |
$8,600 |
$1,060 |
| 7.5% |
$12,900 |
$1,032 |
| 10% |
$17,200 |
$1,004 |
| 15% |
$25,800 |
$948 |
| 20% |
$34,400 |
$892 |
| 25% |
$43,000 |
$837 |
| 30% |
$51,600 |
$781 |
| 50% |
$86,000 |
$558 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,580 |
| 15 years |
$1,218 |
| 20 years |
$1,046 |
| 30 years |
$892 |
| 40 years |
$830 |
| Interest only |
$774 |
Can I afford a $172,000 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 $172,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,020 |
$58,423 |
| 5.0% |
$8,600 |
$57,706 |
| 7.5% |
$12,900 |
$56,511 |
| 10% |
$17,200 |
$55,316 |
| 15% |
$25,800 |
$52,925 |
| 20% |
$34,400 |
$50,534 |
| 25% |
$43,000 |
$48,144 |
| 30% |
$51,600 |
$45,753 |
| 50% |
$86,000 |
$36,191 |