Mortgage Payment on a $271,000 House
What's the payment on a $271,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $271k.
After a 20% down payment, your loan amount will be $216,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,406
Total yearly payments = $16,874
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,164 |
| 5.500% |
$1,231 |
| 6.000% |
$1,300 |
| 6.250% |
$1,335 |
| 6.500% |
$1,370 |
| 6.750% |
$1,406 |
| 6.875% |
$1,424 |
| 7.000% |
$1,442 |
| 7.250% |
$1,479 |
| 7.500% |
$1,516 |
| 7.625% |
$1,534 |
| 7.750% |
$1,553 |
| 8.000% |
$1,591 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$9,485 |
$1,696 |
| 5.0% |
$13,550 |
$1,670 |
| 7.5% |
$20,325 |
$1,626 |
| 10% |
$27,100 |
$1,582 |
| 15% |
$40,650 |
$1,494 |
| 20% |
$54,200 |
$1,406 |
| 25% |
$67,750 |
$1,318 |
| 30% |
$81,300 |
$1,230 |
| 50% |
$135,500 |
$879 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,489 |
| 15 years |
$1,918 |
| 20 years |
$1,648 |
| 30 years |
$1,406 |
| 40 years |
$1,308 |
| Interest only |
$1,220 |
Can I afford a $271,000 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 $271,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$9,485 |
$92,051 |
| 5.0% |
$13,550 |
$90,921 |
| 7.5% |
$20,325 |
$89,037 |
| 10% |
$27,100 |
$87,154 |
| 15% |
$40,650 |
$83,388 |
| 20% |
$54,200 |
$79,621 |
| 25% |
$67,750 |
$75,855 |
| 30% |
$81,300 |
$72,088 |
| 50% |
$135,500 |
$57,022 |