Mortgage Payment on a $229,000 House
What's the payment on a $229,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $229k.
After a 20% down payment, your loan amount will be $183,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,188
Total yearly payments = $14,259
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$983 |
| 5.500% |
$1,040 |
| 6.000% |
$1,098 |
| 6.250% |
$1,128 |
| 6.500% |
$1,158 |
| 6.750% |
$1,188 |
| 6.875% |
$1,203 |
| 7.000% |
$1,219 |
| 7.250% |
$1,250 |
| 7.500% |
$1,281 |
| 7.625% |
$1,297 |
| 7.750% |
$1,312 |
| 8.000% |
$1,344 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,015 |
$1,433 |
| 5.0% |
$11,450 |
$1,411 |
| 7.5% |
$17,175 |
$1,374 |
| 10% |
$22,900 |
$1,337 |
| 15% |
$34,350 |
$1,262 |
| 20% |
$45,800 |
$1,188 |
| 25% |
$57,250 |
$1,114 |
| 30% |
$68,700 |
$1,040 |
| 50% |
$114,500 |
$743 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,104 |
| 15 years |
$1,621 |
| 20 years |
$1,393 |
| 30 years |
$1,188 |
| 40 years |
$1,105 |
| Interest only |
$1,031 |
Can I afford a $229,000 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 $229,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,015 |
$77,784 |
| 5.0% |
$11,450 |
$76,830 |
| 7.5% |
$17,175 |
$75,238 |
| 10% |
$22,900 |
$73,647 |
| 15% |
$34,350 |
$70,464 |
| 20% |
$45,800 |
$67,281 |
| 25% |
$57,250 |
$64,099 |
| 30% |
$68,700 |
$60,916 |
| 50% |
$114,500 |
$48,185 |