Mortgage Payment on a $187,000 House
What's the payment on a $187,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $187k.
After a 20% down payment, your loan amount will be $149,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $970
Total yearly payments = $11,644
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,545 |
$1,170 |
| 5.0% |
$9,350 |
$1,152 |
| 7.5% |
$14,025 |
$1,122 |
| 10% |
$18,700 |
$1,092 |
| 15% |
$28,050 |
$1,031 |
| 20% |
$37,400 |
$970 |
| 25% |
$46,750 |
$910 |
| 30% |
$56,100 |
$849 |
| 50% |
$93,500 |
$606 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,718 |
| 15 years |
$1,324 |
| 20 years |
$1,138 |
| 30 years |
$970 |
| 40 years |
$903 |
| Interest only |
$842 |
Can I afford a $187,000 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 $187,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,545 |
$63,518 |
| 5.0% |
$9,350 |
$62,739 |
| 7.5% |
$14,025 |
$61,439 |
| 10% |
$18,700 |
$60,140 |
| 15% |
$28,050 |
$57,541 |
| 20% |
$37,400 |
$54,942 |
| 25% |
$46,750 |
$52,343 |
| 30% |
$56,100 |
$49,743 |
| 50% |
$93,500 |
$39,347 |