Mortgage Payment on a $301,000 House
What's the payment on a $301,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $301k.
After a 20% down payment, your loan amount will be $240,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,562
Total yearly payments = $18,742
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,293 |
| 5.500% |
$1,367 |
| 6.000% |
$1,444 |
| 6.250% |
$1,483 |
| 6.500% |
$1,522 |
| 6.750% |
$1,562 |
| 6.875% |
$1,582 |
| 7.000% |
$1,602 |
| 7.250% |
$1,643 |
| 7.500% |
$1,684 |
| 7.625% |
$1,704 |
| 7.750% |
$1,725 |
| 8.000% |
$1,767 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,535 |
$1,884 |
| 5.0% |
$15,050 |
$1,855 |
| 7.5% |
$22,575 |
$1,806 |
| 10% |
$30,100 |
$1,757 |
| 15% |
$45,150 |
$1,659 |
| 20% |
$60,200 |
$1,562 |
| 25% |
$75,250 |
$1,464 |
| 30% |
$90,300 |
$1,367 |
| 50% |
$150,500 |
$976 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,765 |
| 15 years |
$2,131 |
| 20 years |
$1,831 |
| 30 years |
$1,562 |
| 40 years |
$1,453 |
| Interest only |
$1,355 |
Can I afford a $301,000 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 $301,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,535 |
$102,241 |
| 5.0% |
$15,050 |
$100,986 |
| 7.5% |
$22,575 |
$98,894 |
| 10% |
$30,100 |
$96,802 |
| 15% |
$45,150 |
$92,619 |
| 20% |
$60,200 |
$88,435 |
| 25% |
$75,250 |
$84,252 |
| 30% |
$90,300 |
$80,068 |
| 50% |
$150,500 |
$63,335 |