Mortgage Payment on a $359,000 House
What's the payment on a $359,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $359k.
After a 20% down payment, your loan amount will be $287,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,863
Total yearly payments = $22,353
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,542 |
| 5.500% |
$1,631 |
| 6.000% |
$1,722 |
| 6.250% |
$1,768 |
| 6.500% |
$1,815 |
| 6.750% |
$1,863 |
| 6.875% |
$1,887 |
| 7.000% |
$1,911 |
| 7.250% |
$1,959 |
| 7.500% |
$2,008 |
| 7.625% |
$2,033 |
| 7.750% |
$2,058 |
| 8.000% |
$2,107 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$12,565 |
$2,247 |
| 5.0% |
$17,950 |
$2,212 |
| 7.5% |
$26,925 |
$2,154 |
| 10% |
$35,900 |
$2,096 |
| 15% |
$53,850 |
$1,979 |
| 20% |
$71,800 |
$1,863 |
| 25% |
$89,750 |
$1,746 |
| 30% |
$107,700 |
$1,630 |
| 50% |
$179,500 |
$1,164 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,298 |
| 15 years |
$2,541 |
| 20 years |
$2,184 |
| 30 years |
$1,863 |
| 40 years |
$1,733 |
| Interest only |
$1,616 |
Can I afford a $359,000 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 $359,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$12,565 |
$121,942 |
| 5.0% |
$17,950 |
$120,445 |
| 7.5% |
$26,925 |
$117,950 |
| 10% |
$35,900 |
$115,455 |
| 15% |
$53,850 |
$110,466 |
| 20% |
$71,800 |
$105,476 |
| 25% |
$89,750 |
$100,486 |
| 30% |
$107,700 |
$95,497 |
| 50% |
$179,500 |
$75,539 |