Mortgage Payment on a $188,000 House
What's the payment on a $188,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $188k.
After a 20% down payment, your loan amount will be $150,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $975
Total yearly payments = $11,706
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,580 |
$1,177 |
| 5.0% |
$9,400 |
$1,158 |
| 7.5% |
$14,100 |
$1,128 |
| 10% |
$18,800 |
$1,097 |
| 15% |
$28,200 |
$1,036 |
| 20% |
$37,600 |
$975 |
| 25% |
$47,000 |
$915 |
| 30% |
$56,400 |
$854 |
| 50% |
$94,000 |
$610 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,727 |
| 15 years |
$1,331 |
| 20 years |
$1,144 |
| 30 years |
$975 |
| 40 years |
$907 |
| Interest only |
$846 |
Can I afford a $188,000 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 $188,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,580 |
$63,858 |
| 5.0% |
$9,400 |
$63,074 |
| 7.5% |
$14,100 |
$61,768 |
| 10% |
$18,800 |
$60,461 |
| 15% |
$28,200 |
$57,848 |
| 20% |
$37,600 |
$55,235 |
| 25% |
$47,000 |
$52,622 |
| 30% |
$56,400 |
$50,010 |
| 50% |
$94,000 |
$39,558 |