Mortgage Payment on a $241,000 House
What's the payment on a $241,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $241k.
After a 20% down payment, your loan amount will be $192,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,250
Total yearly payments = $15,006
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,035 |
| 5.500% |
$1,095 |
| 6.000% |
$1,156 |
| 6.250% |
$1,187 |
| 6.500% |
$1,219 |
| 6.750% |
$1,250 |
| 6.875% |
$1,267 |
| 7.000% |
$1,283 |
| 7.250% |
$1,315 |
| 7.500% |
$1,348 |
| 7.625% |
$1,365 |
| 7.750% |
$1,381 |
| 8.000% |
$1,415 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,435 |
$1,508 |
| 5.0% |
$12,050 |
$1,485 |
| 7.5% |
$18,075 |
$1,446 |
| 10% |
$24,100 |
$1,407 |
| 15% |
$36,150 |
$1,329 |
| 20% |
$48,200 |
$1,250 |
| 25% |
$60,250 |
$1,172 |
| 30% |
$72,300 |
$1,094 |
| 50% |
$120,500 |
$782 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,214 |
| 15 years |
$1,706 |
| 20 years |
$1,466 |
| 30 years |
$1,250 |
| 40 years |
$1,163 |
| Interest only |
$1,085 |
Can I afford a $241,000 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 $241,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,435 |
$81,861 |
| 5.0% |
$12,050 |
$80,856 |
| 7.5% |
$18,075 |
$79,181 |
| 10% |
$24,100 |
$77,506 |
| 15% |
$36,150 |
$74,157 |
| 20% |
$48,200 |
$70,807 |
| 25% |
$60,250 |
$67,457 |
| 30% |
$72,300 |
$64,108 |
| 50% |
$120,500 |
$50,710 |