Mortgage Payment on a $243,000 House
What's the payment on a $243,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $243k.
After a 20% down payment, your loan amount will be $194,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,261
Total yearly payments = $15,130
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,044 |
| 5.500% |
$1,104 |
| 6.000% |
$1,166 |
| 6.250% |
$1,197 |
| 6.500% |
$1,229 |
| 6.750% |
$1,261 |
| 6.875% |
$1,277 |
| 7.000% |
$1,293 |
| 7.250% |
$1,326 |
| 7.500% |
$1,359 |
| 7.625% |
$1,376 |
| 7.750% |
$1,393 |
| 8.000% |
$1,426 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,505 |
$1,521 |
| 5.0% |
$12,150 |
$1,497 |
| 7.5% |
$18,225 |
$1,458 |
| 10% |
$24,300 |
$1,418 |
| 15% |
$36,450 |
$1,340 |
| 20% |
$48,600 |
$1,261 |
| 25% |
$60,750 |
$1,182 |
| 30% |
$72,900 |
$1,103 |
| 50% |
$121,500 |
$788 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,232 |
| 15 years |
$1,720 |
| 20 years |
$1,478 |
| 30 years |
$1,261 |
| 40 years |
$1,173 |
| Interest only |
$1,094 |
Can I afford a $243,000 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 $243,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,505 |
$82,540 |
| 5.0% |
$12,150 |
$81,527 |
| 7.5% |
$18,225 |
$79,838 |
| 10% |
$24,300 |
$78,149 |
| 15% |
$36,450 |
$74,772 |
| 20% |
$48,600 |
$71,395 |
| 25% |
$60,750 |
$68,017 |
| 30% |
$72,900 |
$64,640 |
| 50% |
$121,500 |
$51,131 |