Mortgage Payment on a $309,000 House
What's the payment on a $309,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $309k.
After a 20% down payment, your loan amount will be $247,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,603
Total yearly payments = $19,240
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,327 |
| 5.500% |
$1,404 |
| 6.000% |
$1,482 |
| 6.250% |
$1,522 |
| 6.500% |
$1,562 |
| 6.750% |
$1,603 |
| 6.875% |
$1,624 |
| 7.000% |
$1,645 |
| 7.250% |
$1,686 |
| 7.500% |
$1,728 |
| 7.625% |
$1,750 |
| 7.750% |
$1,771 |
| 8.000% |
$1,814 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,815 |
$1,934 |
| 5.0% |
$15,450 |
$1,904 |
| 7.5% |
$23,175 |
$1,854 |
| 10% |
$30,900 |
$1,804 |
| 15% |
$46,350 |
$1,704 |
| 20% |
$61,800 |
$1,603 |
| 25% |
$77,250 |
$1,503 |
| 30% |
$92,700 |
$1,403 |
| 50% |
$154,500 |
$1,002 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,838 |
| 15 years |
$2,187 |
| 20 years |
$1,880 |
| 30 years |
$1,603 |
| 40 years |
$1,491 |
| Interest only |
$1,391 |
Can I afford a $309,000 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 $309,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,815 |
$104,958 |
| 5.0% |
$15,450 |
$103,670 |
| 7.5% |
$23,175 |
$101,522 |
| 10% |
$30,900 |
$99,375 |
| 15% |
$46,350 |
$95,080 |
| 20% |
$61,800 |
$90,786 |
| 25% |
$77,250 |
$86,491 |
| 30% |
$92,700 |
$82,196 |
| 50% |
$154,500 |
$65,018 |