Mortgage Payment on a $387,000 House
What's the payment on a $387,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $387k.
After a 20% down payment, your loan amount will be $309,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,008
Total yearly payments = $24,097
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,662 |
| 5.500% |
$1,758 |
| 6.000% |
$1,856 |
| 6.250% |
$1,906 |
| 6.500% |
$1,957 |
| 6.750% |
$2,008 |
| 6.875% |
$2,034 |
| 7.000% |
$2,060 |
| 7.250% |
$2,112 |
| 7.500% |
$2,165 |
| 7.625% |
$2,191 |
| 7.750% |
$2,218 |
| 8.000% |
$2,272 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$13,545 |
$2,422 |
| 5.0% |
$19,350 |
$2,385 |
| 7.5% |
$29,025 |
$2,322 |
| 10% |
$38,700 |
$2,259 |
| 15% |
$58,050 |
$2,134 |
| 20% |
$77,400 |
$2,008 |
| 25% |
$96,750 |
$1,883 |
| 30% |
$116,100 |
$1,757 |
| 50% |
$193,500 |
$1,255 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,555 |
| 15 years |
$2,740 |
| 20 years |
$2,354 |
| 30 years |
$2,008 |
| 40 years |
$1,868 |
| Interest only |
$1,742 |
Can I afford a $387,000 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 $387,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$13,545 |
$131,452 |
| 5.0% |
$19,350 |
$129,839 |
| 7.5% |
$29,025 |
$127,149 |
| 10% |
$38,700 |
$124,460 |
| 15% |
$58,050 |
$119,081 |
| 20% |
$77,400 |
$113,703 |
| 25% |
$96,750 |
$108,324 |
| 30% |
$116,100 |
$102,945 |
| 50% |
$193,500 |
$81,430 |