Mortgage Payment on a $323,000 House
What's the payment on a $323,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $323k.
After a 20% down payment, your loan amount will be $258,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,676
Total yearly payments = $20,112
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,387 |
| 5.500% |
$1,467 |
| 6.000% |
$1,549 |
| 6.250% |
$1,591 |
| 6.500% |
$1,633 |
| 6.750% |
$1,676 |
| 6.875% |
$1,698 |
| 7.000% |
$1,719 |
| 7.250% |
$1,763 |
| 7.500% |
$1,807 |
| 7.625% |
$1,829 |
| 7.750% |
$1,851 |
| 8.000% |
$1,896 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$11,305 |
$2,022 |
| 5.0% |
$16,150 |
$1,990 |
| 7.5% |
$24,225 |
$1,938 |
| 10% |
$32,300 |
$1,885 |
| 15% |
$48,450 |
$1,781 |
| 20% |
$64,600 |
$1,676 |
| 25% |
$80,750 |
$1,571 |
| 30% |
$96,900 |
$1,466 |
| 50% |
$161,500 |
$1,047 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$2,967 |
| 15 years |
$2,287 |
| 20 years |
$1,965 |
| 30 years |
$1,676 |
| 40 years |
$1,559 |
| Interest only |
$1,454 |
Can I afford a $323,000 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 $323,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$11,305 |
$109,713 |
| 5.0% |
$16,150 |
$108,367 |
| 7.5% |
$24,225 |
$106,122 |
| 10% |
$32,300 |
$103,877 |
| 15% |
$48,450 |
$99,388 |
| 20% |
$64,600 |
$94,899 |
| 25% |
$80,750 |
$90,410 |
| 30% |
$96,900 |
$85,921 |
| 50% |
$161,500 |
$67,964 |