Mortgage Payment on a $385,000 House
What's the payment on a $385,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $385k.
After a 20% down payment, your loan amount will be $308,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,998
Total yearly payments = $23,972
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,653 |
| 5.500% |
$1,749 |
| 6.000% |
$1,847 |
| 6.250% |
$1,896 |
| 6.500% |
$1,947 |
| 6.750% |
$1,998 |
| 6.875% |
$2,023 |
| 7.000% |
$2,049 |
| 7.250% |
$2,101 |
| 7.500% |
$2,154 |
| 7.625% |
$2,180 |
| 7.750% |
$2,207 |
| 8.000% |
$2,260 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$13,475 |
$2,410 |
| 5.0% |
$19,250 |
$2,372 |
| 7.5% |
$28,875 |
$2,310 |
| 10% |
$38,500 |
$2,247 |
| 15% |
$57,750 |
$2,123 |
| 20% |
$77,000 |
$1,998 |
| 25% |
$96,250 |
$1,873 |
| 30% |
$115,500 |
$1,748 |
| 50% |
$192,500 |
$1,249 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,537 |
| 15 years |
$2,726 |
| 20 years |
$2,342 |
| 30 years |
$1,998 |
| 40 years |
$1,858 |
| Interest only |
$1,733 |
Can I afford a $385,000 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 $385,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$13,475 |
$130,773 |
| 5.0% |
$19,250 |
$129,168 |
| 7.5% |
$28,875 |
$126,492 |
| 10% |
$38,500 |
$123,817 |
| 15% |
$57,750 |
$118,466 |
| 20% |
$77,000 |
$113,115 |
| 25% |
$96,250 |
$107,764 |
| 30% |
$115,500 |
$102,413 |
| 50% |
$192,500 |
$81,009 |