Mortgage Payment on a $228,000 House
What's the payment on a $228,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $228k.
After a 20% down payment, your loan amount will be $182,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,183
Total yearly payments = $14,197
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$979 |
| 5.500% |
$1,036 |
| 6.000% |
$1,094 |
| 6.250% |
$1,123 |
| 6.500% |
$1,153 |
| 6.750% |
$1,183 |
| 6.875% |
$1,198 |
| 7.000% |
$1,214 |
| 7.250% |
$1,244 |
| 7.500% |
$1,275 |
| 7.625% |
$1,291 |
| 7.750% |
$1,307 |
| 8.000% |
$1,338 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$7,980 |
$1,427 |
| 5.0% |
$11,400 |
$1,405 |
| 7.5% |
$17,100 |
$1,368 |
| 10% |
$22,800 |
$1,331 |
| 15% |
$34,200 |
$1,257 |
| 20% |
$45,600 |
$1,183 |
| 25% |
$57,000 |
$1,109 |
| 30% |
$68,400 |
$1,035 |
| 50% |
$114,000 |
$739 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,094 |
| 15 years |
$1,614 |
| 20 years |
$1,387 |
| 30 years |
$1,183 |
| 40 years |
$1,101 |
| Interest only |
$1,026 |
Can I afford a $228,000 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 $228,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$7,980 |
$77,445 |
| 5.0% |
$11,400 |
$76,494 |
| 7.5% |
$17,100 |
$74,910 |
| 10% |
$22,800 |
$73,325 |
| 15% |
$34,200 |
$70,156 |
| 20% |
$45,600 |
$66,988 |
| 25% |
$57,000 |
$63,819 |
| 30% |
$68,400 |
$60,650 |
| 50% |
$114,000 |
$47,974 |