Mortgage Payment on a $270,000 House
What's the payment on a $270,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $270k.
After a 20% down payment, your loan amount will be $216,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,401
Total yearly payments = $16,812
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,160 |
| 5.500% |
$1,226 |
| 6.000% |
$1,295 |
| 6.250% |
$1,330 |
| 6.500% |
$1,365 |
| 6.750% |
$1,401 |
| 6.875% |
$1,419 |
| 7.000% |
$1,437 |
| 7.250% |
$1,474 |
| 7.500% |
$1,510 |
| 7.625% |
$1,529 |
| 7.750% |
$1,547 |
| 8.000% |
$1,585 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$9,450 |
$1,690 |
| 5.0% |
$13,500 |
$1,664 |
| 7.5% |
$20,250 |
$1,620 |
| 10% |
$27,000 |
$1,576 |
| 15% |
$40,500 |
$1,489 |
| 20% |
$54,000 |
$1,401 |
| 25% |
$67,500 |
$1,313 |
| 30% |
$81,000 |
$1,226 |
| 50% |
$135,000 |
$876 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,480 |
| 15 years |
$1,911 |
| 20 years |
$1,642 |
| 30 years |
$1,401 |
| 40 years |
$1,303 |
| Interest only |
$1,215 |
Can I afford a $270,000 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 $270,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$9,450 |
$91,711 |
| 5.0% |
$13,500 |
$90,585 |
| 7.5% |
$20,250 |
$88,709 |
| 10% |
$27,000 |
$86,833 |
| 15% |
$40,500 |
$83,080 |
| 20% |
$54,000 |
$79,327 |
| 25% |
$67,500 |
$75,575 |
| 30% |
$81,000 |
$71,822 |
| 50% |
$135,000 |
$56,812 |