Mortgage Payment on a $189,000 House
What's the payment on a $189,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $189k.
After a 20% down payment, your loan amount will be $151,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $981
Total yearly payments = $11,768
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,615 |
$1,183 |
| 5.0% |
$9,450 |
$1,165 |
| 7.5% |
$14,175 |
$1,134 |
| 10% |
$18,900 |
$1,103 |
| 15% |
$28,350 |
$1,042 |
| 20% |
$37,800 |
$981 |
| 25% |
$47,250 |
$919 |
| 30% |
$56,700 |
$858 |
| 50% |
$94,500 |
$613 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,736 |
| 15 years |
$1,338 |
| 20 years |
$1,150 |
| 30 years |
$981 |
| 40 years |
$912 |
| Interest only |
$851 |
Can I afford a $189,000 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 $189,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,615 |
$64,198 |
| 5.0% |
$9,450 |
$63,410 |
| 7.5% |
$14,175 |
$62,096 |
| 10% |
$18,900 |
$60,783 |
| 15% |
$28,350 |
$58,156 |
| 20% |
$37,800 |
$55,529 |
| 25% |
$47,250 |
$52,902 |
| 30% |
$56,700 |
$50,276 |
| 50% |
$94,500 |
$39,768 |