Mortgage Payment on a $242,000 House
What's the payment on a $242,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $242k.
After a 20% down payment, your loan amount will be $193,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,256
Total yearly payments = $15,068
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,039 |
| 5.500% |
$1,099 |
| 6.000% |
$1,161 |
| 6.250% |
$1,192 |
| 6.500% |
$1,224 |
| 6.750% |
$1,256 |
| 6.875% |
$1,272 |
| 7.000% |
$1,288 |
| 7.250% |
$1,321 |
| 7.500% |
$1,354 |
| 7.625% |
$1,370 |
| 7.750% |
$1,387 |
| 8.000% |
$1,421 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,470 |
$1,515 |
| 5.0% |
$12,100 |
$1,491 |
| 7.5% |
$18,150 |
$1,452 |
| 10% |
$24,200 |
$1,413 |
| 15% |
$36,300 |
$1,334 |
| 20% |
$48,400 |
$1,256 |
| 25% |
$60,500 |
$1,177 |
| 30% |
$72,600 |
$1,099 |
| 50% |
$121,000 |
$785 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,223 |
| 15 years |
$1,713 |
| 20 years |
$1,472 |
| 30 years |
$1,256 |
| 40 years |
$1,168 |
| Interest only |
$1,089 |
Can I afford a $242,000 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 $242,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,470 |
$82,200 |
| 5.0% |
$12,100 |
$81,191 |
| 7.5% |
$18,150 |
$79,509 |
| 10% |
$24,200 |
$77,828 |
| 15% |
$36,300 |
$74,464 |
| 20% |
$48,400 |
$71,101 |
| 25% |
$60,500 |
$67,737 |
| 30% |
$72,600 |
$64,374 |
| 50% |
$121,000 |
$50,920 |