Mortgage Payment on a $353,000 House
What's the payment on a $353,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $353k.
After a 20% down payment, your loan amount will be $282,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,832
Total yearly payments = $21,980
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,516 |
| 5.500% |
$1,603 |
| 6.000% |
$1,693 |
| 6.250% |
$1,739 |
| 6.500% |
$1,785 |
| 6.750% |
$1,832 |
| 6.875% |
$1,855 |
| 7.000% |
$1,879 |
| 7.250% |
$1,926 |
| 7.500% |
$1,975 |
| 7.625% |
$1,999 |
| 7.750% |
$2,023 |
| 8.000% |
$2,072 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$12,355 |
$2,209 |
| 5.0% |
$17,650 |
$2,175 |
| 7.5% |
$26,475 |
$2,118 |
| 10% |
$35,300 |
$2,061 |
| 15% |
$52,950 |
$1,946 |
| 20% |
$70,600 |
$1,832 |
| 25% |
$88,250 |
$1,717 |
| 30% |
$105,900 |
$1,603 |
| 50% |
$176,500 |
$1,145 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,243 |
| 15 years |
$2,499 |
| 20 years |
$2,147 |
| 30 years |
$1,832 |
| 40 years |
$1,704 |
| Interest only |
$1,589 |
Can I afford a $353,000 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 $353,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$12,355 |
$119,904 |
| 5.0% |
$17,650 |
$118,432 |
| 7.5% |
$26,475 |
$115,979 |
| 10% |
$35,300 |
$113,526 |
| 15% |
$52,950 |
$108,619 |
| 20% |
$70,600 |
$103,713 |
| 25% |
$88,250 |
$98,807 |
| 30% |
$105,900 |
$93,901 |
| 50% |
$176,500 |
$74,276 |