Mortgage Payment on a $223,000 House
What's the payment on a $223,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $223k.
After a 20% down payment, your loan amount will be $178,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,157
Total yearly payments = $13,885
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$958 |
| 5.500% |
$1,013 |
| 6.000% |
$1,070 |
| 6.250% |
$1,098 |
| 6.500% |
$1,128 |
| 6.750% |
$1,157 |
| 6.875% |
$1,172 |
| 7.000% |
$1,187 |
| 7.250% |
$1,217 |
| 7.500% |
$1,247 |
| 7.625% |
$1,263 |
| 7.750% |
$1,278 |
| 8.000% |
$1,309 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$7,805 |
$1,396 |
| 5.0% |
$11,150 |
$1,374 |
| 7.5% |
$16,725 |
$1,338 |
| 10% |
$22,300 |
$1,302 |
| 15% |
$33,450 |
$1,229 |
| 20% |
$44,600 |
$1,157 |
| 25% |
$55,750 |
$1,085 |
| 30% |
$66,900 |
$1,012 |
| 50% |
$111,500 |
$723 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,048 |
| 15 years |
$1,579 |
| 20 years |
$1,356 |
| 30 years |
$1,157 |
| 40 years |
$1,076 |
| Interest only |
$1,004 |
Can I afford a $223,000 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 $223,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$7,805 |
$75,746 |
| 5.0% |
$11,150 |
$74,817 |
| 7.5% |
$16,725 |
$73,267 |
| 10% |
$22,300 |
$71,717 |
| 15% |
$33,450 |
$68,618 |
| 20% |
$44,600 |
$65,519 |
| 25% |
$55,750 |
$62,419 |
| 30% |
$66,900 |
$59,320 |
| 50% |
$111,500 |
$46,922 |