Mortgage Payment on a $355,000 House
What's the payment on a $355,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $355k.
After a 20% down payment, your loan amount will be $284,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,842
Total yearly payments = $22,104
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,525 |
| 5.500% |
$1,613 |
| 6.000% |
$1,703 |
| 6.250% |
$1,749 |
| 6.500% |
$1,795 |
| 6.750% |
$1,842 |
| 6.875% |
$1,866 |
| 7.000% |
$1,889 |
| 7.250% |
$1,937 |
| 7.500% |
$1,986 |
| 7.625% |
$2,010 |
| 7.750% |
$2,035 |
| 8.000% |
$2,084 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$12,425 |
$2,222 |
| 5.0% |
$17,750 |
$2,187 |
| 7.5% |
$26,625 |
$2,130 |
| 10% |
$35,500 |
$2,072 |
| 15% |
$53,250 |
$1,957 |
| 20% |
$71,000 |
$1,842 |
| 25% |
$88,750 |
$1,727 |
| 30% |
$106,500 |
$1,612 |
| 50% |
$177,500 |
$1,151 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,261 |
| 15 years |
$2,513 |
| 20 years |
$2,159 |
| 30 years |
$1,842 |
| 40 years |
$1,714 |
| Interest only |
$1,598 |
Can I afford a $355,000 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 $355,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$12,425 |
$120,583 |
| 5.0% |
$17,750 |
$119,103 |
| 7.5% |
$26,625 |
$116,636 |
| 10% |
$35,500 |
$114,169 |
| 15% |
$53,250 |
$109,235 |
| 20% |
$71,000 |
$104,301 |
| 25% |
$88,750 |
$99,367 |
| 30% |
$106,500 |
$94,433 |
| 50% |
$177,500 |
$74,697 |