Mortgage Payment on a $311,000 House
What's the payment on a $311,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $311k.
After a 20% down payment, your loan amount will be $248,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,614
Total yearly payments = $19,365
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,336 |
| 5.500% |
$1,413 |
| 6.000% |
$1,492 |
| 6.250% |
$1,532 |
| 6.500% |
$1,573 |
| 6.750% |
$1,614 |
| 6.875% |
$1,634 |
| 7.000% |
$1,655 |
| 7.250% |
$1,697 |
| 7.500% |
$1,740 |
| 7.625% |
$1,761 |
| 7.750% |
$1,782 |
| 8.000% |
$1,826 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$10,885 |
$1,947 |
| 5.0% |
$15,550 |
$1,916 |
| 7.5% |
$23,325 |
$1,866 |
| 10% |
$31,100 |
$1,815 |
| 15% |
$46,650 |
$1,715 |
| 20% |
$62,200 |
$1,614 |
| 25% |
$77,750 |
$1,513 |
| 30% |
$93,300 |
$1,412 |
| 50% |
$155,500 |
$1,009 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,857 |
| 15 years |
$2,202 |
| 20 years |
$1,892 |
| 30 years |
$1,614 |
| 40 years |
$1,501 |
| Interest only |
$1,400 |
Can I afford a $311,000 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 $311,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$10,885 |
$105,637 |
| 5.0% |
$15,550 |
$104,341 |
| 7.5% |
$23,325 |
$102,179 |
| 10% |
$31,100 |
$100,018 |
| 15% |
$46,650 |
$95,696 |
| 20% |
$62,200 |
$91,373 |
| 25% |
$77,750 |
$87,051 |
| 30% |
$93,300 |
$82,728 |
| 50% |
$155,500 |
$65,439 |