Mortgage Payment on a $310,000 House
What's the payment on a $310,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $310k.
After a 20% down payment, your loan amount will be $248,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,609
Total yearly payments = $19,302
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,331 |
| 5.500% |
$1,408 |
| 6.000% |
$1,487 |
| 6.250% |
$1,527 |
| 6.500% |
$1,568 |
| 6.750% |
$1,609 |
| 6.875% |
$1,629 |
| 7.000% |
$1,650 |
| 7.250% |
$1,692 |
| 7.500% |
$1,734 |
| 7.625% |
$1,755 |
| 7.750% |
$1,777 |
| 8.000% |
$1,820 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,850 |
$1,940 |
| 5.0% |
$15,500 |
$1,910 |
| 7.5% |
$23,250 |
$1,860 |
| 10% |
$31,000 |
$1,810 |
| 15% |
$46,500 |
$1,709 |
| 20% |
$62,000 |
$1,609 |
| 25% |
$77,500 |
$1,508 |
| 30% |
$93,000 |
$1,407 |
| 50% |
$155,000 |
$1,005 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,848 |
| 15 years |
$2,195 |
| 20 years |
$1,886 |
| 30 years |
$1,609 |
| 40 years |
$1,496 |
| Interest only |
$1,395 |
Can I afford a $310,000 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 $310,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,850 |
$105,298 |
| 5.0% |
$15,500 |
$104,005 |
| 7.5% |
$23,250 |
$101,851 |
| 10% |
$31,000 |
$99,697 |
| 15% |
$46,500 |
$95,388 |
| 20% |
$62,000 |
$91,080 |
| 25% |
$77,500 |
$86,771 |
| 30% |
$93,000 |
$82,462 |
| 50% |
$155,000 |
$65,228 |