Mortgage Payment on a $185,000 House
What's the payment on a $185,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $185k.
After a 20% down payment, your loan amount will be $148,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $960
Total yearly payments = $11,519
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,475 |
$1,158 |
| 5.0% |
$9,250 |
$1,140 |
| 7.5% |
$13,875 |
$1,110 |
| 10% |
$18,500 |
$1,080 |
| 15% |
$27,750 |
$1,020 |
| 20% |
$37,000 |
$960 |
| 25% |
$46,250 |
$900 |
| 30% |
$55,500 |
$840 |
| 50% |
$92,500 |
$600 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,699 |
| 15 years |
$1,310 |
| 20 years |
$1,125 |
| 30 years |
$960 |
| 40 years |
$893 |
| Interest only |
$833 |
Can I afford a $185,000 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 $185,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,475 |
$62,839 |
| 5.0% |
$9,250 |
$62,068 |
| 7.5% |
$13,875 |
$60,782 |
| 10% |
$18,500 |
$59,496 |
| 15% |
$27,750 |
$56,925 |
| 20% |
$37,000 |
$54,354 |
| 25% |
$46,250 |
$51,783 |
| 30% |
$55,500 |
$49,211 |
| 50% |
$92,500 |
$38,927 |