Mortgage Payment on a $424,000 House
What's the payment on a $424,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $424k.
After a 20% down payment, your loan amount will be $339,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,200
Total yearly payments = $26,401
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,821 |
| 5.500% |
$1,926 |
| 6.000% |
$2,034 |
| 6.250% |
$2,089 |
| 6.500% |
$2,144 |
| 6.750% |
$2,200 |
| 6.875% |
$2,228 |
| 7.000% |
$2,257 |
| 7.250% |
$2,314 |
| 7.500% |
$2,372 |
| 7.625% |
$2,401 |
| 7.750% |
$2,430 |
| 8.000% |
$2,489 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$14,840 |
$2,654 |
| 5.0% |
$21,200 |
$2,613 |
| 7.5% |
$31,800 |
$2,544 |
| 10% |
$42,400 |
$2,475 |
| 15% |
$63,600 |
$2,338 |
| 20% |
$84,800 |
$2,200 |
| 25% |
$106,000 |
$2,063 |
| 30% |
$127,200 |
$1,925 |
| 50% |
$212,000 |
$1,375 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,895 |
| 15 years |
$3,002 |
| 20 years |
$2,579 |
| 30 years |
$2,200 |
| 40 years |
$2,047 |
| Interest only |
$1,908 |
Can I afford a $424,000 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 $424,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$14,840 |
$144,020 |
| 5.0% |
$21,200 |
$142,252 |
| 7.5% |
$31,800 |
$139,306 |
| 10% |
$42,400 |
$136,359 |
| 15% |
$63,600 |
$130,466 |
| 20% |
$84,800 |
$124,573 |
| 25% |
$106,000 |
$118,680 |
| 30% |
$127,200 |
$112,787 |
| 50% |
$212,000 |
$89,215 |