Mortgage Payment on a $250,000 House
What's the payment on a $250,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $250k.
After a 20% down payment, your loan amount will be $200,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,297
Total yearly payments = $15,566
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,074 |
| 5.500% |
$1,136 |
| 6.000% |
$1,199 |
| 6.250% |
$1,231 |
| 6.500% |
$1,264 |
| 6.750% |
$1,297 |
| 6.875% |
$1,314 |
| 7.000% |
$1,331 |
| 7.250% |
$1,364 |
| 7.500% |
$1,398 |
| 7.625% |
$1,416 |
| 7.750% |
$1,433 |
| 8.000% |
$1,468 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,750 |
$1,565 |
| 5.0% |
$12,500 |
$1,540 |
| 7.5% |
$18,750 |
$1,500 |
| 10% |
$25,000 |
$1,459 |
| 15% |
$37,500 |
$1,378 |
| 20% |
$50,000 |
$1,297 |
| 25% |
$62,500 |
$1,216 |
| 30% |
$75,000 |
$1,135 |
| 50% |
$125,000 |
$811 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,296 |
| 15 years |
$1,770 |
| 20 years |
$1,521 |
| 30 years |
$1,297 |
| 40 years |
$1,207 |
| Interest only |
$1,125 |
Can I afford a $250,000 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 $250,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,750 |
$84,918 |
| 5.0% |
$12,500 |
$83,875 |
| 7.5% |
$18,750 |
$82,138 |
| 10% |
$25,000 |
$80,401 |
| 15% |
$37,500 |
$76,926 |
| 20% |
$50,000 |
$73,451 |
| 25% |
$62,500 |
$69,977 |
| 30% |
$75,000 |
$66,502 |
| 50% |
$125,000 |
$52,603 |