Mortgage Payment on a $257,000 House
What's the payment on a $257,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $257k.
After a 20% down payment, your loan amount will be $205,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,334
Total yearly payments = $16,002
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,104 |
| 5.500% |
$1,167 |
| 6.000% |
$1,233 |
| 6.250% |
$1,266 |
| 6.500% |
$1,300 |
| 6.750% |
$1,334 |
| 6.875% |
$1,351 |
| 7.000% |
$1,368 |
| 7.250% |
$1,403 |
| 7.500% |
$1,438 |
| 7.625% |
$1,455 |
| 7.750% |
$1,473 |
| 8.000% |
$1,509 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$8,995 |
$1,609 |
| 5.0% |
$12,850 |
$1,584 |
| 7.5% |
$19,275 |
$1,542 |
| 10% |
$25,700 |
$1,500 |
| 15% |
$38,550 |
$1,417 |
| 20% |
$51,400 |
$1,334 |
| 25% |
$64,250 |
$1,250 |
| 30% |
$77,100 |
$1,167 |
| 50% |
$128,500 |
$833 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,361 |
| 15 years |
$1,819 |
| 20 years |
$1,563 |
| 30 years |
$1,334 |
| 40 years |
$1,241 |
| Interest only |
$1,157 |
Can I afford a $257,000 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 $257,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$8,995 |
$87,295 |
| 5.0% |
$12,850 |
$86,224 |
| 7.5% |
$19,275 |
$84,438 |
| 10% |
$25,700 |
$82,652 |
| 15% |
$38,550 |
$79,080 |
| 20% |
$51,400 |
$75,508 |
| 25% |
$64,250 |
$71,936 |
| 30% |
$77,100 |
$68,364 |
| 50% |
$128,500 |
$54,076 |