Mortgage Payment on a $247,000 House
What's the payment on a $247,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $247k.
After a 20% down payment, your loan amount will be $197,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,282
Total yearly payments = $15,380
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,061 |
| 5.500% |
$1,122 |
| 6.000% |
$1,185 |
| 6.250% |
$1,217 |
| 6.500% |
$1,249 |
| 6.750% |
$1,282 |
| 6.875% |
$1,298 |
| 7.000% |
$1,315 |
| 7.250% |
$1,348 |
| 7.500% |
$1,382 |
| 7.625% |
$1,399 |
| 7.750% |
$1,416 |
| 8.000% |
$1,450 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,645 |
$1,546 |
| 5.0% |
$12,350 |
$1,522 |
| 7.5% |
$18,525 |
$1,482 |
| 10% |
$24,700 |
$1,442 |
| 15% |
$37,050 |
$1,362 |
| 20% |
$49,400 |
$1,282 |
| 25% |
$61,750 |
$1,202 |
| 30% |
$74,100 |
$1,121 |
| 50% |
$123,500 |
$801 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,269 |
| 15 years |
$1,749 |
| 20 years |
$1,502 |
| 30 years |
$1,282 |
| 40 years |
$1,192 |
| Interest only |
$1,112 |
Can I afford a $247,000 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 $247,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,645 |
$83,899 |
| 5.0% |
$12,350 |
$82,869 |
| 7.5% |
$18,525 |
$81,152 |
| 10% |
$24,700 |
$79,436 |
| 15% |
$37,050 |
$76,003 |
| 20% |
$49,400 |
$72,570 |
| 25% |
$61,750 |
$69,137 |
| 30% |
$74,100 |
$65,704 |
| 50% |
$123,500 |
$51,972 |