Mortgage Payment on a $289,000 House
What's the payment on a $289,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $289k.
After a 20% down payment, your loan amount will be $231,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,500
Total yearly payments = $17,995
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,241 |
| 5.500% |
$1,313 |
| 6.000% |
$1,386 |
| 6.250% |
$1,424 |
| 6.500% |
$1,461 |
| 6.750% |
$1,500 |
| 6.875% |
$1,519 |
| 7.000% |
$1,538 |
| 7.250% |
$1,577 |
| 7.500% |
$1,617 |
| 7.625% |
$1,636 |
| 7.750% |
$1,656 |
| 8.000% |
$1,696 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,115 |
$1,809 |
| 5.0% |
$14,450 |
$1,781 |
| 7.5% |
$21,675 |
$1,734 |
| 10% |
$28,900 |
$1,687 |
| 15% |
$43,350 |
$1,593 |
| 20% |
$57,800 |
$1,500 |
| 25% |
$72,250 |
$1,406 |
| 30% |
$86,700 |
$1,312 |
| 50% |
$144,500 |
$937 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,655 |
| 15 years |
$2,046 |
| 20 years |
$1,758 |
| 30 years |
$1,500 |
| 40 years |
$1,395 |
| Interest only |
$1,301 |
Can I afford a $289,000 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 $289,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,115 |
$98,165 |
| 5.0% |
$14,450 |
$96,960 |
| 7.5% |
$21,675 |
$94,951 |
| 10% |
$28,900 |
$92,943 |
| 15% |
$43,350 |
$88,926 |
| 20% |
$57,800 |
$84,910 |
| 25% |
$72,250 |
$80,893 |
| 30% |
$86,700 |
$76,876 |
| 50% |
$144,500 |
$60,810 |