Mortgage Payment on a $320,000 House
What's the payment on a $320,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $320k.
After a 20% down payment, your loan amount will be $256,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,660
Total yearly payments = $19,925
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,374 |
| 5.500% |
$1,454 |
| 6.000% |
$1,535 |
| 6.250% |
$1,576 |
| 6.500% |
$1,618 |
| 6.750% |
$1,660 |
| 6.875% |
$1,682 |
| 7.000% |
$1,703 |
| 7.250% |
$1,746 |
| 7.500% |
$1,790 |
| 7.625% |
$1,812 |
| 7.750% |
$1,834 |
| 8.000% |
$1,878 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$11,200 |
$2,003 |
| 5.0% |
$16,000 |
$1,972 |
| 7.5% |
$24,000 |
$1,920 |
| 10% |
$32,000 |
$1,868 |
| 15% |
$48,000 |
$1,764 |
| 20% |
$64,000 |
$1,660 |
| 25% |
$80,000 |
$1,557 |
| 30% |
$96,000 |
$1,453 |
| 50% |
$160,000 |
$1,038 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,939 |
| 15 years |
$2,265 |
| 20 years |
$1,947 |
| 30 years |
$1,660 |
| 40 years |
$1,545 |
| Interest only |
$1,440 |
Can I afford a $320,000 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 $320,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$11,200 |
$108,694 |
| 5.0% |
$16,000 |
$107,360 |
| 7.5% |
$24,000 |
$105,136 |
| 10% |
$32,000 |
$102,913 |
| 15% |
$48,000 |
$98,465 |
| 20% |
$64,000 |
$94,018 |
| 25% |
$80,000 |
$89,570 |
| 30% |
$96,000 |
$85,123 |
| 50% |
$160,000 |
$67,332 |