Mortgage Payment on a $237,000 House
What's the payment on a $237,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $237k.
After a 20% down payment, your loan amount will be $189,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,230
Total yearly payments = $14,757
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,018 |
| 5.500% |
$1,077 |
| 6.000% |
$1,137 |
| 6.250% |
$1,167 |
| 6.500% |
$1,198 |
| 6.750% |
$1,230 |
| 6.875% |
$1,246 |
| 7.000% |
$1,261 |
| 7.250% |
$1,293 |
| 7.500% |
$1,326 |
| 7.625% |
$1,342 |
| 7.750% |
$1,358 |
| 8.000% |
$1,391 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,295 |
$1,483 |
| 5.0% |
$11,850 |
$1,460 |
| 7.5% |
$17,775 |
$1,422 |
| 10% |
$23,700 |
$1,383 |
| 15% |
$35,550 |
$1,307 |
| 20% |
$47,400 |
$1,230 |
| 25% |
$59,250 |
$1,153 |
| 30% |
$71,100 |
$1,076 |
| 50% |
$118,500 |
$769 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,177 |
| 15 years |
$1,678 |
| 20 years |
$1,442 |
| 30 years |
$1,230 |
| 40 years |
$1,144 |
| Interest only |
$1,067 |
Can I afford a $237,000 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 $237,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,295 |
$80,502 |
| 5.0% |
$11,850 |
$79,514 |
| 7.5% |
$17,775 |
$77,867 |
| 10% |
$23,700 |
$76,220 |
| 15% |
$35,550 |
$72,926 |
| 20% |
$47,400 |
$69,632 |
| 25% |
$59,250 |
$66,338 |
| 30% |
$71,100 |
$63,044 |
| 50% |
$118,500 |
$49,868 |