Mortgage Payment on a $251,000 House
What's the payment on a $251,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $251k.
After a 20% down payment, your loan amount will be $200,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,302
Total yearly payments = $15,629
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,078 |
| 5.500% |
$1,140 |
| 6.000% |
$1,204 |
| 6.250% |
$1,236 |
| 6.500% |
$1,269 |
| 6.750% |
$1,302 |
| 6.875% |
$1,319 |
| 7.000% |
$1,336 |
| 7.250% |
$1,370 |
| 7.500% |
$1,404 |
| 7.625% |
$1,421 |
| 7.750% |
$1,439 |
| 8.000% |
$1,473 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,785 |
$1,571 |
| 5.0% |
$12,550 |
$1,547 |
| 7.5% |
$18,825 |
$1,506 |
| 10% |
$25,100 |
$1,465 |
| 15% |
$37,650 |
$1,384 |
| 20% |
$50,200 |
$1,302 |
| 25% |
$62,750 |
$1,221 |
| 30% |
$75,300 |
$1,140 |
| 50% |
$125,500 |
$814 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,306 |
| 15 years |
$1,777 |
| 20 years |
$1,527 |
| 30 years |
$1,302 |
| 40 years |
$1,212 |
| Interest only |
$1,130 |
Can I afford a $251,000 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 $251,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,785 |
$85,257 |
| 5.0% |
$12,550 |
$84,211 |
| 7.5% |
$18,825 |
$82,466 |
| 10% |
$25,100 |
$80,722 |
| 15% |
$37,650 |
$77,234 |
| 20% |
$50,200 |
$73,745 |
| 25% |
$62,750 |
$70,257 |
| 30% |
$75,300 |
$66,768 |
| 50% |
$125,500 |
$52,814 |