Mortgage Payment on a $423,000 House
What's the payment on a $423,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $423k.
After a 20% down payment, your loan amount will be $338,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,195
Total yearly payments = $26,338
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,817 |
| 5.500% |
$1,921 |
| 6.000% |
$2,029 |
| 6.250% |
$2,084 |
| 6.500% |
$2,139 |
| 6.750% |
$2,195 |
| 6.875% |
$2,223 |
| 7.000% |
$2,251 |
| 7.250% |
$2,308 |
| 7.500% |
$2,366 |
| 7.625% |
$2,395 |
| 7.750% |
$2,424 |
| 8.000% |
$2,483 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$14,805 |
$2,648 |
| 5.0% |
$21,150 |
$2,606 |
| 7.5% |
$31,725 |
$2,538 |
| 10% |
$42,300 |
$2,469 |
| 15% |
$63,450 |
$2,332 |
| 20% |
$84,600 |
$2,195 |
| 25% |
$105,750 |
$2,058 |
| 30% |
$126,900 |
$1,920 |
| 50% |
$211,500 |
$1,372 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,886 |
| 15 years |
$2,995 |
| 20 years |
$2,573 |
| 30 years |
$2,195 |
| 40 years |
$2,042 |
| Interest only |
$1,904 |
Can I afford a $423,000 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 $423,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$14,805 |
$143,681 |
| 5.0% |
$21,150 |
$141,917 |
| 7.5% |
$31,725 |
$138,977 |
| 10% |
$42,300 |
$136,038 |
| 15% |
$63,450 |
$130,159 |
| 20% |
$84,600 |
$124,280 |
| 25% |
$105,750 |
$118,400 |
| 30% |
$126,900 |
$112,521 |
| 50% |
$211,500 |
$89,005 |