Mortgage Payment on a $315,000 House
What's the payment on a $315,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $315k.
After a 20% down payment, your loan amount will be $252,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,634
Total yearly payments = $19,614
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,353 |
| 5.500% |
$1,431 |
| 6.000% |
$1,511 |
| 6.250% |
$1,552 |
| 6.500% |
$1,593 |
| 6.750% |
$1,634 |
| 6.875% |
$1,655 |
| 7.000% |
$1,677 |
| 7.250% |
$1,719 |
| 7.500% |
$1,762 |
| 7.625% |
$1,784 |
| 7.750% |
$1,805 |
| 8.000% |
$1,849 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$11,025 |
$1,972 |
| 5.0% |
$15,750 |
$1,941 |
| 7.5% |
$23,625 |
$1,890 |
| 10% |
$31,500 |
$1,839 |
| 15% |
$47,250 |
$1,737 |
| 20% |
$63,000 |
$1,634 |
| 25% |
$78,750 |
$1,532 |
| 30% |
$94,500 |
$1,430 |
| 50% |
$157,500 |
$1,022 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,894 |
| 15 years |
$2,230 |
| 20 years |
$1,916 |
| 30 years |
$1,634 |
| 40 years |
$1,520 |
| Interest only |
$1,418 |
Can I afford a $315,000 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 $315,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$11,025 |
$106,996 |
| 5.0% |
$15,750 |
$105,683 |
| 7.5% |
$23,625 |
$103,494 |
| 10% |
$31,500 |
$101,305 |
| 15% |
$47,250 |
$96,927 |
| 20% |
$63,000 |
$92,549 |
| 25% |
$78,750 |
$88,171 |
| 30% |
$94,500 |
$83,793 |
| 50% |
$157,500 |
$66,280 |