Mortgage Payment on a $231,000 House
What's the payment on a $231,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $231k.
After a 20% down payment, your loan amount will be $184,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,199
Total yearly payments = $14,383
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$992 |
| 5.500% |
$1,049 |
| 6.000% |
$1,108 |
| 6.250% |
$1,138 |
| 6.500% |
$1,168 |
| 6.750% |
$1,199 |
| 6.875% |
$1,214 |
| 7.000% |
$1,229 |
| 7.250% |
$1,261 |
| 7.500% |
$1,292 |
| 7.625% |
$1,308 |
| 7.750% |
$1,324 |
| 8.000% |
$1,356 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,085 |
$1,446 |
| 5.0% |
$11,550 |
$1,423 |
| 7.5% |
$17,325 |
$1,386 |
| 10% |
$23,100 |
$1,348 |
| 15% |
$34,650 |
$1,274 |
| 20% |
$46,200 |
$1,199 |
| 25% |
$57,750 |
$1,124 |
| 30% |
$69,300 |
$1,049 |
| 50% |
$115,500 |
$749 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,122 |
| 15 years |
$1,635 |
| 20 years |
$1,405 |
| 30 years |
$1,199 |
| 40 years |
$1,115 |
| Interest only |
$1,040 |
Can I afford a $231,000 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 $231,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,085 |
$78,464 |
| 5.0% |
$11,550 |
$77,501 |
| 7.5% |
$17,325 |
$75,895 |
| 10% |
$23,100 |
$74,290 |
| 15% |
$34,650 |
$71,080 |
| 20% |
$46,200 |
$67,869 |
| 25% |
$57,750 |
$64,658 |
| 30% |
$69,300 |
$61,448 |
| 50% |
$115,500 |
$48,606 |