Mortgage Payment on a $298,000 House
What's the payment on a $298,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $298k.
After a 20% down payment, your loan amount will be $238,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,546
Total yearly payments = $18,555
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,280 |
| 5.500% |
$1,354 |
| 6.000% |
$1,429 |
| 6.250% |
$1,468 |
| 6.500% |
$1,507 |
| 6.750% |
$1,546 |
| 6.875% |
$1,566 |
| 7.000% |
$1,586 |
| 7.250% |
$1,626 |
| 7.500% |
$1,667 |
| 7.625% |
$1,687 |
| 7.750% |
$1,708 |
| 8.000% |
$1,749 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,430 |
$1,865 |
| 5.0% |
$14,900 |
$1,836 |
| 7.5% |
$22,350 |
$1,788 |
| 10% |
$29,800 |
$1,740 |
| 15% |
$44,700 |
$1,643 |
| 20% |
$59,600 |
$1,546 |
| 25% |
$74,500 |
$1,450 |
| 30% |
$89,400 |
$1,353 |
| 50% |
$149,000 |
$966 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,737 |
| 15 years |
$2,110 |
| 20 years |
$1,813 |
| 30 years |
$1,546 |
| 40 years |
$1,438 |
| Interest only |
$1,341 |
Can I afford a $298,000 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 $298,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,430 |
$101,222 |
| 5.0% |
$14,900 |
$99,979 |
| 7.5% |
$22,350 |
$97,908 |
| 10% |
$29,800 |
$95,837 |
| 15% |
$44,700 |
$91,696 |
| 20% |
$59,600 |
$87,554 |
| 25% |
$74,500 |
$83,412 |
| 30% |
$89,400 |
$79,270 |
| 50% |
$149,000 |
$62,703 |