Mortgage Payment on a $348,000 House
What's the payment on a $348,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $348k.
After a 20% down payment, your loan amount will be $278,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,806
Total yearly payments = $21,668
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,495 |
| 5.500% |
$1,581 |
| 6.000% |
$1,669 |
| 6.250% |
$1,714 |
| 6.500% |
$1,760 |
| 6.750% |
$1,806 |
| 6.875% |
$1,829 |
| 7.000% |
$1,852 |
| 7.250% |
$1,899 |
| 7.500% |
$1,947 |
| 7.625% |
$1,970 |
| 7.750% |
$1,994 |
| 8.000% |
$2,043 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$12,180 |
$2,178 |
| 5.0% |
$17,400 |
$2,144 |
| 7.5% |
$26,100 |
$2,088 |
| 10% |
$34,800 |
$2,031 |
| 15% |
$52,200 |
$1,919 |
| 20% |
$69,600 |
$1,806 |
| 25% |
$87,000 |
$1,693 |
| 30% |
$104,400 |
$1,580 |
| 50% |
$174,000 |
$1,129 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,197 |
| 15 years |
$2,464 |
| 20 years |
$2,117 |
| 30 years |
$1,806 |
| 40 years |
$1,680 |
| Interest only |
$1,566 |
Can I afford a $348,000 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 $348,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$12,180 |
$118,205 |
| 5.0% |
$17,400 |
$116,754 |
| 7.5% |
$26,100 |
$114,336 |
| 10% |
$34,800 |
$111,918 |
| 15% |
$52,200 |
$107,081 |
| 20% |
$69,600 |
$102,244 |
| 25% |
$87,000 |
$97,407 |
| 30% |
$104,400 |
$92,571 |
| 50% |
$174,000 |
$73,224 |