Mortgage Payment on a $397,000 House
What's the payment on a $397,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $397k.
After a 20% down payment, your loan amount will be $317,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,060
Total yearly payments = $24,719
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,705 |
| 5.500% |
$1,803 |
| 6.000% |
$1,904 |
| 6.250% |
$1,956 |
| 6.500% |
$2,007 |
| 6.750% |
$2,060 |
| 6.875% |
$2,086 |
| 7.000% |
$2,113 |
| 7.250% |
$2,167 |
| 7.500% |
$2,221 |
| 7.625% |
$2,248 |
| 7.750% |
$2,275 |
| 8.000% |
$2,330 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$13,895 |
$2,485 |
| 5.0% |
$19,850 |
$2,446 |
| 7.5% |
$29,775 |
$2,382 |
| 10% |
$39,700 |
$2,317 |
| 15% |
$59,550 |
$2,189 |
| 20% |
$79,400 |
$2,060 |
| 25% |
$99,250 |
$1,931 |
| 30% |
$119,100 |
$1,802 |
| 50% |
$198,500 |
$1,287 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,647 |
| 15 years |
$2,810 |
| 20 years |
$2,415 |
| 30 years |
$2,060 |
| 40 years |
$1,916 |
| Interest only |
$1,787 |
Can I afford a $397,000 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 $397,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$13,895 |
$134,849 |
| 5.0% |
$19,850 |
$133,194 |
| 7.5% |
$29,775 |
$130,435 |
| 10% |
$39,700 |
$127,676 |
| 15% |
$59,550 |
$122,158 |
| 20% |
$79,400 |
$116,641 |
| 25% |
$99,250 |
$111,123 |
| 30% |
$119,100 |
$105,605 |
| 50% |
$198,500 |
$83,534 |