Mortgage Payment on a $176,000 House
What's the payment on a $176,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $176k.
After a 20% down payment, your loan amount will be $140,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $913
Total yearly payments = $10,959
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,160 |
$1,102 |
| 5.0% |
$8,800 |
$1,084 |
| 7.5% |
$13,200 |
$1,056 |
| 10% |
$17,600 |
$1,027 |
| 15% |
$26,400 |
$970 |
| 20% |
$35,200 |
$913 |
| 25% |
$44,000 |
$856 |
| 30% |
$52,800 |
$799 |
| 50% |
$88,000 |
$571 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,617 |
| 15 years |
$1,246 |
| 20 years |
$1,071 |
| 30 years |
$913 |
| 40 years |
$850 |
| Interest only |
$792 |
Can I afford a $176,000 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 $176,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,160 |
$59,782 |
| 5.0% |
$8,800 |
$59,048 |
| 7.5% |
$13,200 |
$57,825 |
| 10% |
$17,600 |
$56,602 |
| 15% |
$26,400 |
$54,156 |
| 20% |
$35,200 |
$51,710 |
| 25% |
$44,000 |
$49,264 |
| 30% |
$52,800 |
$46,817 |
| 50% |
$88,000 |
$37,033 |