Mortgage Payment on a $258,000 House
What's the payment on a $258,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $258k.
After a 20% down payment, your loan amount will be $206,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,339
Total yearly payments = $16,064
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,108 |
| 5.500% |
$1,172 |
| 6.000% |
$1,237 |
| 6.250% |
$1,271 |
| 6.500% |
$1,305 |
| 6.750% |
$1,339 |
| 6.875% |
$1,356 |
| 7.000% |
$1,373 |
| 7.250% |
$1,408 |
| 7.500% |
$1,443 |
| 7.625% |
$1,461 |
| 7.750% |
$1,479 |
| 8.000% |
$1,514 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$9,030 |
$1,615 |
| 5.0% |
$12,900 |
$1,590 |
| 7.5% |
$19,350 |
$1,548 |
| 10% |
$25,800 |
$1,506 |
| 15% |
$38,700 |
$1,422 |
| 20% |
$51,600 |
$1,339 |
| 25% |
$64,500 |
$1,255 |
| 30% |
$77,400 |
$1,171 |
| 50% |
$129,000 |
$837 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,370 |
| 15 years |
$1,826 |
| 20 years |
$1,569 |
| 30 years |
$1,339 |
| 40 years |
$1,245 |
| Interest only |
$1,161 |
Can I afford a $258,000 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 $258,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$9,030 |
$87,635 |
| 5.0% |
$12,900 |
$86,559 |
| 7.5% |
$19,350 |
$84,766 |
| 10% |
$25,800 |
$82,973 |
| 15% |
$38,700 |
$79,388 |
| 20% |
$51,600 |
$75,802 |
| 25% |
$64,500 |
$72,216 |
| 30% |
$77,400 |
$68,630 |
| 50% |
$129,000 |
$54,287 |