Mortgage Payment on a $342,000 House
What's the payment on a $342,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $342k.
After a 20% down payment, your loan amount will be $273,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,775
Total yearly payments = $21,295
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,469 |
| 5.500% |
$1,553 |
| 6.000% |
$1,640 |
| 6.250% |
$1,685 |
| 6.500% |
$1,729 |
| 6.750% |
$1,775 |
| 6.875% |
$1,797 |
| 7.000% |
$1,820 |
| 7.250% |
$1,866 |
| 7.500% |
$1,913 |
| 7.625% |
$1,937 |
| 7.750% |
$1,960 |
| 8.000% |
$2,008 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$11,970 |
$2,141 |
| 5.0% |
$17,100 |
$2,107 |
| 7.5% |
$25,650 |
$2,052 |
| 10% |
$34,200 |
$1,996 |
| 15% |
$51,300 |
$1,885 |
| 20% |
$68,400 |
$1,775 |
| 25% |
$85,500 |
$1,664 |
| 30% |
$102,600 |
$1,553 |
| 50% |
$171,000 |
$1,109 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,142 |
| 15 years |
$2,421 |
| 20 years |
$2,080 |
| 30 years |
$1,775 |
| 40 years |
$1,651 |
| Interest only |
$1,539 |
Can I afford a $342,000 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 $342,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$11,970 |
$116,167 |
| 5.0% |
$17,100 |
$114,741 |
| 7.5% |
$25,650 |
$112,365 |
| 10% |
$34,200 |
$109,988 |
| 15% |
$51,300 |
$105,235 |
| 20% |
$68,400 |
$100,481 |
| 25% |
$85,500 |
$95,728 |
| 30% |
$102,600 |
$90,975 |
| 50% |
$171,000 |
$71,962 |