Mortgage Payment on a $284,000 House
What's the payment on a $284,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $284k.
After a 20% down payment, your loan amount will be $227,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,474
Total yearly payments = $17,683
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,220 |
| 5.500% |
$1,290 |
| 6.000% |
$1,362 |
| 6.250% |
$1,399 |
| 6.500% |
$1,436 |
| 6.750% |
$1,474 |
| 6.875% |
$1,493 |
| 7.000% |
$1,512 |
| 7.250% |
$1,550 |
| 7.500% |
$1,589 |
| 7.625% |
$1,608 |
| 7.750% |
$1,628 |
| 8.000% |
$1,667 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$9,940 |
$1,778 |
| 5.0% |
$14,200 |
$1,750 |
| 7.5% |
$21,300 |
$1,704 |
| 10% |
$28,400 |
$1,658 |
| 15% |
$42,600 |
$1,566 |
| 20% |
$56,800 |
$1,474 |
| 25% |
$71,000 |
$1,382 |
| 30% |
$85,200 |
$1,289 |
| 50% |
$142,000 |
$921 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,609 |
| 15 years |
$2,011 |
| 20 years |
$1,728 |
| 30 years |
$1,474 |
| 40 years |
$1,371 |
| Interest only |
$1,278 |
Can I afford a $284,000 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 $284,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$9,940 |
$96,466 |
| 5.0% |
$14,200 |
$95,282 |
| 7.5% |
$21,300 |
$93,309 |
| 10% |
$28,400 |
$91,335 |
| 15% |
$42,600 |
$87,388 |
| 20% |
$56,800 |
$83,441 |
| 25% |
$71,000 |
$79,493 |
| 30% |
$85,200 |
$75,546 |
| 50% |
$142,000 |
$59,758 |