Mortgage Payment on a $303,000 House
What's the payment on a $303,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $303k.
After a 20% down payment, your loan amount will be $242,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,572
Total yearly payments = $18,866
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,301 |
| 5.500% |
$1,376 |
| 6.000% |
$1,453 |
| 6.250% |
$1,492 |
| 6.500% |
$1,532 |
| 6.750% |
$1,572 |
| 6.875% |
$1,592 |
| 7.000% |
$1,613 |
| 7.250% |
$1,654 |
| 7.500% |
$1,695 |
| 7.625% |
$1,716 |
| 7.750% |
$1,737 |
| 8.000% |
$1,779 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,605 |
$1,896 |
| 5.0% |
$15,150 |
$1,867 |
| 7.5% |
$22,725 |
$1,818 |
| 10% |
$30,300 |
$1,769 |
| 15% |
$45,450 |
$1,670 |
| 20% |
$60,600 |
$1,572 |
| 25% |
$75,750 |
$1,474 |
| 30% |
$90,900 |
$1,376 |
| 50% |
$151,500 |
$983 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,783 |
| 15 years |
$2,145 |
| 20 years |
$1,843 |
| 30 years |
$1,572 |
| 40 years |
$1,463 |
| Interest only |
$1,364 |
Can I afford a $303,000 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 $303,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,605 |
$102,920 |
| 5.0% |
$15,150 |
$101,657 |
| 7.5% |
$22,725 |
$99,551 |
| 10% |
$30,300 |
$97,445 |
| 15% |
$45,450 |
$93,234 |
| 20% |
$60,600 |
$89,023 |
| 25% |
$75,750 |
$84,812 |
| 30% |
$90,900 |
$80,600 |
| 50% |
$151,500 |
$63,755 |