Mortgage Payment on a $370,000 House
What's the payment on a $370,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $370k.
After a 20% down payment, your loan amount will be $296,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,920
Total yearly payments = $23,038
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,589 |
| 5.500% |
$1,681 |
| 6.000% |
$1,775 |
| 6.250% |
$1,823 |
| 6.500% |
$1,871 |
| 6.750% |
$1,920 |
| 6.875% |
$1,945 |
| 7.000% |
$1,969 |
| 7.250% |
$2,019 |
| 7.500% |
$2,070 |
| 7.625% |
$2,095 |
| 7.750% |
$2,121 |
| 8.000% |
$2,172 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$12,950 |
$2,316 |
| 5.0% |
$18,500 |
$2,280 |
| 7.5% |
$27,750 |
$2,220 |
| 10% |
$37,000 |
$2,160 |
| 15% |
$55,500 |
$2,040 |
| 20% |
$74,000 |
$1,920 |
| 25% |
$92,500 |
$1,800 |
| 30% |
$111,000 |
$1,680 |
| 50% |
$185,000 |
$1,200 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,399 |
| 15 years |
$2,619 |
| 20 years |
$2,251 |
| 30 years |
$1,920 |
| 40 years |
$1,786 |
| Interest only |
$1,665 |
Can I afford a $370,000 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 $370,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$12,950 |
$125,678 |
| 5.0% |
$18,500 |
$124,135 |
| 7.5% |
$27,750 |
$121,564 |
| 10% |
$37,000 |
$118,993 |
| 15% |
$55,500 |
$113,850 |
| 20% |
$74,000 |
$108,708 |
| 25% |
$92,500 |
$103,565 |
| 30% |
$111,000 |
$98,423 |
| 50% |
$185,000 |
$77,853 |