Mortgage Payment on a $218,000 House
What's the payment on a $218,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $218k.
After a 20% down payment, your loan amount will be $174,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,131
Total yearly payments = $13,574
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$936 |
| 5.500% |
$990 |
| 6.000% |
$1,046 |
| 6.250% |
$1,074 |
| 6.500% |
$1,102 |
| 6.750% |
$1,131 |
| 6.875% |
$1,146 |
| 7.000% |
$1,160 |
| 7.250% |
$1,190 |
| 7.500% |
$1,219 |
| 7.625% |
$1,234 |
| 7.750% |
$1,249 |
| 8.000% |
$1,280 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$7,630 |
$1,364 |
| 5.0% |
$10,900 |
$1,343 |
| 7.5% |
$16,350 |
$1,308 |
| 10% |
$21,800 |
$1,273 |
| 15% |
$32,700 |
$1,202 |
| 20% |
$43,600 |
$1,131 |
| 25% |
$54,500 |
$1,060 |
| 30% |
$65,400 |
$990 |
| 50% |
$109,000 |
$707 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,003 |
| 15 years |
$1,543 |
| 20 years |
$1,326 |
| 30 years |
$1,131 |
| 40 years |
$1,052 |
| Interest only |
$981 |
Can I afford a $218,000 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 $218,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$7,630 |
$74,048 |
| 5.0% |
$10,900 |
$73,139 |
| 7.5% |
$16,350 |
$71,624 |
| 10% |
$21,800 |
$70,109 |
| 15% |
$32,700 |
$67,079 |
| 20% |
$43,600 |
$64,050 |
| 25% |
$54,500 |
$61,020 |
| 30% |
$65,400 |
$57,990 |
| 50% |
$109,000 |
$45,870 |