Mortgage Payment on a $255,000 House
What's the payment on a $255,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $255k.
After a 20% down payment, your loan amount will be $204,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,323
Total yearly payments = $15,878
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,095 |
| 5.500% |
$1,158 |
| 6.000% |
$1,223 |
| 6.250% |
$1,256 |
| 6.500% |
$1,289 |
| 6.750% |
$1,323 |
| 6.875% |
$1,340 |
| 7.000% |
$1,357 |
| 7.250% |
$1,392 |
| 7.500% |
$1,426 |
| 7.625% |
$1,444 |
| 7.750% |
$1,461 |
| 8.000% |
$1,497 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,925 |
$1,596 |
| 5.0% |
$12,750 |
$1,571 |
| 7.5% |
$19,125 |
$1,530 |
| 10% |
$25,500 |
$1,489 |
| 15% |
$38,250 |
$1,406 |
| 20% |
$51,000 |
$1,323 |
| 25% |
$63,750 |
$1,240 |
| 30% |
$76,500 |
$1,158 |
| 50% |
$127,500 |
$827 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,342 |
| 15 years |
$1,805 |
| 20 years |
$1,551 |
| 30 years |
$1,323 |
| 40 years |
$1,231 |
| Interest only |
$1,148 |
Can I afford a $255,000 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 $255,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,925 |
$86,616 |
| 5.0% |
$12,750 |
$85,553 |
| 7.5% |
$19,125 |
$83,781 |
| 10% |
$25,500 |
$82,009 |
| 15% |
$38,250 |
$78,464 |
| 20% |
$51,000 |
$74,920 |
| 25% |
$63,750 |
$71,376 |
| 30% |
$76,500 |
$67,832 |
| 50% |
$127,500 |
$53,656 |