Mortgage Payment on a $357,000 House
What's the payment on a $357,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $357k.
After a 20% down payment, your loan amount will be $285,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,852
Total yearly payments = $22,229
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,533 |
| 5.500% |
$1,622 |
| 6.000% |
$1,712 |
| 6.250% |
$1,758 |
| 6.500% |
$1,805 |
| 6.750% |
$1,852 |
| 6.875% |
$1,876 |
| 7.000% |
$1,900 |
| 7.250% |
$1,948 |
| 7.500% |
$1,997 |
| 7.625% |
$2,021 |
| 7.750% |
$2,046 |
| 8.000% |
$2,096 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$12,495 |
$2,234 |
| 5.0% |
$17,850 |
$2,200 |
| 7.5% |
$26,775 |
$2,142 |
| 10% |
$35,700 |
$2,084 |
| 15% |
$53,550 |
$1,968 |
| 20% |
$71,400 |
$1,852 |
| 25% |
$89,250 |
$1,737 |
| 30% |
$107,100 |
$1,621 |
| 50% |
$178,500 |
$1,158 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,279 |
| 15 years |
$2,527 |
| 20 years |
$2,172 |
| 30 years |
$1,852 |
| 40 years |
$1,723 |
| Interest only |
$1,607 |
Can I afford a $357,000 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 $357,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$12,495 |
$121,262 |
| 5.0% |
$17,850 |
$119,774 |
| 7.5% |
$26,775 |
$117,293 |
| 10% |
$35,700 |
$114,812 |
| 15% |
$53,550 |
$109,850 |
| 20% |
$71,400 |
$104,888 |
| 25% |
$89,250 |
$99,927 |
| 30% |
$107,100 |
$94,965 |
| 50% |
$178,500 |
$75,118 |