Mortgage Payment on a $175,000 House
What's the payment on a $175,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $175k.
After a 20% down payment, your loan amount will be $140,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $908
Total yearly payments = $10,896
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,125 |
$1,095 |
| 5.0% |
$8,750 |
$1,078 |
| 7.5% |
$13,125 |
$1,050 |
| 10% |
$17,500 |
$1,022 |
| 15% |
$26,250 |
$965 |
| 20% |
$35,000 |
$908 |
| 25% |
$43,750 |
$851 |
| 30% |
$52,500 |
$795 |
| 50% |
$87,500 |
$568 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,608 |
| 15 years |
$1,239 |
| 20 years |
$1,065 |
| 30 years |
$908 |
| 40 years |
$845 |
| Interest only |
$788 |
Can I afford a $175,000 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 $175,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,125 |
$59,442 |
| 5.0% |
$8,750 |
$58,713 |
| 7.5% |
$13,125 |
$57,496 |
| 10% |
$17,500 |
$56,280 |
| 15% |
$26,250 |
$53,848 |
| 20% |
$35,000 |
$51,416 |
| 25% |
$43,750 |
$48,984 |
| 30% |
$52,500 |
$46,551 |
| 50% |
$87,500 |
$36,822 |