Mortgage Payment on a $246,000 House
What's the payment on a $246,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $246k.
After a 20% down payment, your loan amount will be $196,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,276
Total yearly payments = $15,317
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,056 |
| 5.500% |
$1,117 |
| 6.000% |
$1,180 |
| 6.250% |
$1,212 |
| 6.500% |
$1,244 |
| 6.750% |
$1,276 |
| 6.875% |
$1,293 |
| 7.000% |
$1,309 |
| 7.250% |
$1,343 |
| 7.500% |
$1,376 |
| 7.625% |
$1,393 |
| 7.750% |
$1,410 |
| 8.000% |
$1,444 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,610 |
$1,540 |
| 5.0% |
$12,300 |
$1,516 |
| 7.5% |
$18,450 |
$1,476 |
| 10% |
$24,600 |
$1,436 |
| 15% |
$36,900 |
$1,356 |
| 20% |
$49,200 |
$1,276 |
| 25% |
$61,500 |
$1,197 |
| 30% |
$73,800 |
$1,117 |
| 50% |
$123,000 |
$798 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,260 |
| 15 years |
$1,742 |
| 20 years |
$1,496 |
| 30 years |
$1,276 |
| 40 years |
$1,187 |
| Interest only |
$1,107 |
Can I afford a $246,000 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 $246,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,610 |
$83,559 |
| 5.0% |
$12,300 |
$82,533 |
| 7.5% |
$18,450 |
$80,824 |
| 10% |
$24,600 |
$79,114 |
| 15% |
$36,900 |
$75,695 |
| 20% |
$49,200 |
$72,276 |
| 25% |
$61,500 |
$68,857 |
| 30% |
$73,800 |
$65,438 |
| 50% |
$123,000 |
$51,762 |