Mortgage Payment on a $197,000 House
What's the payment on a $197,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $197k.
After a 20% down payment, your loan amount will be $157,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,022
Total yearly payments = $12,266
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$6,895 |
$1,233 |
| 5.0% |
$9,850 |
$1,214 |
| 7.5% |
$14,775 |
$1,182 |
| 10% |
$19,700 |
$1,150 |
| 15% |
$29,550 |
$1,086 |
| 20% |
$39,400 |
$1,022 |
| 25% |
$49,250 |
$958 |
| 30% |
$59,100 |
$894 |
| 50% |
$98,500 |
$639 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$1,810 |
| 15 years |
$1,395 |
| 20 years |
$1,198 |
| 30 years |
$1,022 |
| 40 years |
$951 |
| Interest only |
$887 |
Can I afford a $197,000 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 $197,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$6,895 |
$66,915 |
| 5.0% |
$9,850 |
$66,094 |
| 7.5% |
$14,775 |
$64,725 |
| 10% |
$19,700 |
$63,356 |
| 15% |
$29,550 |
$60,618 |
| 20% |
$39,400 |
$57,880 |
| 25% |
$49,250 |
$55,142 |
| 30% |
$59,100 |
$52,404 |
| 50% |
$98,500 |
$41,452 |