Mortgage Payment on a $291,000 House
What's the payment on a $291,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $291k.
After a 20% down payment, your loan amount will be $232,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,510
Total yearly payments = $18,119
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,250 |
| 5.500% |
$1,322 |
| 6.000% |
$1,396 |
| 6.250% |
$1,433 |
| 6.500% |
$1,471 |
| 6.750% |
$1,510 |
| 6.875% |
$1,529 |
| 7.000% |
$1,549 |
| 7.250% |
$1,588 |
| 7.500% |
$1,628 |
| 7.625% |
$1,648 |
| 7.750% |
$1,668 |
| 8.000% |
$1,708 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,185 |
$1,821 |
| 5.0% |
$14,550 |
$1,793 |
| 7.5% |
$21,825 |
$1,746 |
| 10% |
$29,100 |
$1,699 |
| 15% |
$43,650 |
$1,604 |
| 20% |
$58,200 |
$1,510 |
| 25% |
$72,750 |
$1,416 |
| 30% |
$87,300 |
$1,321 |
| 50% |
$145,500 |
$944 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,673 |
| 15 years |
$2,060 |
| 20 years |
$1,770 |
| 30 years |
$1,510 |
| 40 years |
$1,405 |
| Interest only |
$1,310 |
Can I afford a $291,000 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 $291,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,185 |
$98,844 |
| 5.0% |
$14,550 |
$97,631 |
| 7.5% |
$21,825 |
$95,608 |
| 10% |
$29,100 |
$93,586 |
| 15% |
$43,650 |
$89,542 |
| 20% |
$58,200 |
$85,497 |
| 25% |
$72,750 |
$81,453 |
| 30% |
$87,300 |
$77,408 |
| 50% |
$145,500 |
$61,230 |