Mortgage Payment on a $280,000 House
What's the payment on a $280,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $280k.
After a 20% down payment, your loan amount will be $224,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,453
Total yearly payments = $17,434
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,202 |
| 5.500% |
$1,272 |
| 6.000% |
$1,343 |
| 6.250% |
$1,379 |
| 6.500% |
$1,416 |
| 6.750% |
$1,453 |
| 6.875% |
$1,472 |
| 7.000% |
$1,490 |
| 7.250% |
$1,528 |
| 7.500% |
$1,566 |
| 7.625% |
$1,585 |
| 7.750% |
$1,605 |
| 8.000% |
$1,644 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$9,800 |
$1,753 |
| 5.0% |
$14,000 |
$1,725 |
| 7.5% |
$21,000 |
$1,680 |
| 10% |
$28,000 |
$1,634 |
| 15% |
$42,000 |
$1,544 |
| 20% |
$56,000 |
$1,453 |
| 25% |
$70,000 |
$1,362 |
| 30% |
$84,000 |
$1,271 |
| 50% |
$140,000 |
$908 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,572 |
| 15 years |
$1,982 |
| 20 years |
$1,703 |
| 30 years |
$1,453 |
| 40 years |
$1,352 |
| Interest only |
$1,260 |
Can I afford a $280,000 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 $280,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$9,800 |
$95,108 |
| 5.0% |
$14,000 |
$93,940 |
| 7.5% |
$21,000 |
$91,994 |
| 10% |
$28,000 |
$90,049 |
| 15% |
$42,000 |
$86,157 |
| 20% |
$56,000 |
$82,265 |
| 25% |
$70,000 |
$78,374 |
| 30% |
$84,000 |
$74,482 |
| 50% |
$140,000 |
$58,916 |