Mortgage Payment on a $249,000 House
What's the payment on a $249,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $249k.
After a 20% down payment, your loan amount will be $199,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,292
Total yearly payments = $15,504
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,069 |
| 5.500% |
$1,131 |
| 6.000% |
$1,194 |
| 6.250% |
$1,227 |
| 6.500% |
$1,259 |
| 6.750% |
$1,292 |
| 6.875% |
$1,309 |
| 7.000% |
$1,325 |
| 7.250% |
$1,359 |
| 7.500% |
$1,393 |
| 7.625% |
$1,410 |
| 7.750% |
$1,427 |
| 8.000% |
$1,462 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,715 |
$1,558 |
| 5.0% |
$12,450 |
$1,534 |
| 7.5% |
$18,675 |
$1,494 |
| 10% |
$24,900 |
$1,454 |
| 15% |
$37,350 |
$1,373 |
| 20% |
$49,800 |
$1,292 |
| 25% |
$62,250 |
$1,211 |
| 30% |
$74,700 |
$1,131 |
| 50% |
$124,500 |
$808 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,287 |
| 15 years |
$1,763 |
| 20 years |
$1,515 |
| 30 years |
$1,292 |
| 40 years |
$1,202 |
| Interest only |
$1,121 |
Can I afford a $249,000 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 $249,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,715 |
$84,578 |
| 5.0% |
$12,450 |
$83,540 |
| 7.5% |
$18,675 |
$81,809 |
| 10% |
$24,900 |
$80,079 |
| 15% |
$37,350 |
$76,618 |
| 20% |
$49,800 |
$73,157 |
| 25% |
$62,250 |
$69,697 |
| 30% |
$74,700 |
$66,236 |
| 50% |
$124,500 |
$52,393 |