Mortgage Payment on a $238,000 House
What's the payment on a $238,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $238k.
After a 20% down payment, your loan amount will be $190,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,235
Total yearly payments = $14,819
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,022 |
| 5.500% |
$1,081 |
| 6.000% |
$1,142 |
| 6.250% |
$1,172 |
| 6.500% |
$1,203 |
| 6.750% |
$1,235 |
| 6.875% |
$1,251 |
| 7.000% |
$1,267 |
| 7.250% |
$1,299 |
| 7.500% |
$1,331 |
| 7.625% |
$1,348 |
| 7.750% |
$1,364 |
| 8.000% |
$1,397 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,330 |
$1,490 |
| 5.0% |
$11,900 |
$1,466 |
| 7.5% |
$17,850 |
$1,428 |
| 10% |
$23,800 |
$1,389 |
| 15% |
$35,700 |
$1,312 |
| 20% |
$47,600 |
$1,235 |
| 25% |
$59,500 |
$1,158 |
| 30% |
$71,400 |
$1,081 |
| 50% |
$119,000 |
$772 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,186 |
| 15 years |
$1,685 |
| 20 years |
$1,448 |
| 30 years |
$1,235 |
| 40 years |
$1,149 |
| Interest only |
$1,071 |
Can I afford a $238,000 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 $238,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,330 |
$80,842 |
| 5.0% |
$11,900 |
$79,849 |
| 7.5% |
$17,850 |
$78,195 |
| 10% |
$23,800 |
$76,541 |
| 15% |
$35,700 |
$73,233 |
| 20% |
$47,600 |
$69,926 |
| 25% |
$59,500 |
$66,618 |
| 30% |
$71,400 |
$63,310 |
| 50% |
$119,000 |
$50,079 |