Mortgage Payment on a $277,000 House
What's the payment on a $277,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $277k.
After a 20% down payment, your loan amount will be $221,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,437
Total yearly payments = $17,248
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,190 |
| 5.500% |
$1,258 |
| 6.000% |
$1,329 |
| 6.250% |
$1,364 |
| 6.500% |
$1,401 |
| 6.750% |
$1,437 |
| 6.875% |
$1,456 |
| 7.000% |
$1,474 |
| 7.250% |
$1,512 |
| 7.500% |
$1,549 |
| 7.625% |
$1,568 |
| 7.750% |
$1,588 |
| 8.000% |
$1,626 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$9,695 |
$1,734 |
| 5.0% |
$13,850 |
$1,707 |
| 7.5% |
$20,775 |
$1,662 |
| 10% |
$27,700 |
$1,617 |
| 15% |
$41,550 |
$1,527 |
| 20% |
$55,400 |
$1,437 |
| 25% |
$69,250 |
$1,347 |
| 30% |
$83,100 |
$1,258 |
| 50% |
$138,500 |
$898 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,545 |
| 15 years |
$1,961 |
| 20 years |
$1,685 |
| 30 years |
$1,437 |
| 40 years |
$1,337 |
| Interest only |
$1,247 |
Can I afford a $277,000 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 $277,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$9,695 |
$94,089 |
| 5.0% |
$13,850 |
$92,934 |
| 7.5% |
$20,775 |
$91,009 |
| 10% |
$27,700 |
$89,084 |
| 15% |
$41,550 |
$85,234 |
| 20% |
$55,400 |
$81,384 |
| 25% |
$69,250 |
$77,534 |
| 30% |
$83,100 |
$73,684 |
| 50% |
$138,500 |
$58,285 |