Mortgage Payment on a $178,000 House
What's the payment on a $178,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $178k.
After a 20% down payment, your loan amount will be $142,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $924
Total yearly payments = $11,083
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,230 |
$1,114 |
| 5.0% |
$8,900 |
$1,097 |
| 7.5% |
$13,350 |
$1,068 |
| 10% |
$17,800 |
$1,039 |
| 15% |
$26,700 |
$981 |
| 20% |
$35,600 |
$924 |
| 25% |
$44,500 |
$866 |
| 30% |
$53,400 |
$808 |
| 50% |
$89,000 |
$577 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,635 |
| 15 years |
$1,260 |
| 20 years |
$1,083 |
| 30 years |
$924 |
| 40 years |
$859 |
| Interest only |
$801 |
Can I afford a $178,000 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 $178,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,230 |
$60,461 |
| 5.0% |
$8,900 |
$59,719 |
| 7.5% |
$13,350 |
$58,482 |
| 10% |
$17,800 |
$57,245 |
| 15% |
$26,700 |
$54,771 |
| 20% |
$35,600 |
$52,297 |
| 25% |
$44,500 |
$49,823 |
| 30% |
$53,400 |
$47,349 |
| 50% |
$89,000 |
$37,454 |