Mortgage Payment on a $260,000 House
What's the payment on a $260,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $260k.
After a 20% down payment, your loan amount will be $208,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,349
Total yearly payments = $16,189
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,117 |
| 5.500% |
$1,181 |
| 6.000% |
$1,247 |
| 6.250% |
$1,281 |
| 6.500% |
$1,315 |
| 6.750% |
$1,349 |
| 6.875% |
$1,366 |
| 7.000% |
$1,384 |
| 7.250% |
$1,419 |
| 7.500% |
$1,454 |
| 7.625% |
$1,472 |
| 7.750% |
$1,490 |
| 8.000% |
$1,526 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$9,100 |
$1,627 |
| 5.0% |
$13,000 |
$1,602 |
| 7.5% |
$19,500 |
$1,560 |
| 10% |
$26,000 |
$1,518 |
| 15% |
$39,000 |
$1,433 |
| 20% |
$52,000 |
$1,349 |
| 25% |
$65,000 |
$1,265 |
| 30% |
$78,000 |
$1,180 |
| 50% |
$130,000 |
$843 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,388 |
| 15 years |
$1,841 |
| 20 years |
$1,582 |
| 30 years |
$1,349 |
| 40 years |
$1,255 |
| Interest only |
$1,170 |
Can I afford a $260,000 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 $260,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$9,100 |
$88,314 |
| 5.0% |
$13,000 |
$87,230 |
| 7.5% |
$19,500 |
$85,423 |
| 10% |
$26,000 |
$83,617 |
| 15% |
$39,000 |
$80,003 |
| 20% |
$52,000 |
$76,389 |
| 25% |
$65,000 |
$72,776 |
| 30% |
$78,000 |
$69,162 |
| 50% |
$130,000 |
$54,708 |