Mortgage Payment on a $429,000 House
What's the payment on a $429,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $429k.
After a 20% down payment, your loan amount will be $343,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,226
Total yearly payments = $26,712
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,842 |
| 5.500% |
$1,949 |
| 6.000% |
$2,058 |
| 6.250% |
$2,113 |
| 6.500% |
$2,169 |
| 6.750% |
$2,226 |
| 6.875% |
$2,255 |
| 7.000% |
$2,283 |
| 7.250% |
$2,341 |
| 7.500% |
$2,400 |
| 7.625% |
$2,429 |
| 7.750% |
$2,459 |
| 8.000% |
$2,518 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$15,015 |
$2,685 |
| 5.0% |
$21,450 |
$2,643 |
| 7.5% |
$32,175 |
$2,574 |
| 10% |
$42,900 |
$2,504 |
| 15% |
$64,350 |
$2,365 |
| 20% |
$85,800 |
$2,226 |
| 25% |
$107,250 |
$2,087 |
| 30% |
$128,700 |
$1,948 |
| 50% |
$214,500 |
$1,391 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,941 |
| 15 years |
$3,037 |
| 20 years |
$2,610 |
| 30 years |
$2,226 |
| 40 years |
$2,071 |
| Interest only |
$1,931 |
Can I afford a $429,000 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 $429,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$15,015 |
$145,719 |
| 5.0% |
$21,450 |
$143,930 |
| 7.5% |
$32,175 |
$140,949 |
| 10% |
$42,900 |
$137,967 |
| 15% |
$64,350 |
$132,005 |
| 20% |
$85,800 |
$126,042 |
| 25% |
$107,250 |
$120,080 |
| 30% |
$128,700 |
$114,117 |
| 50% |
$214,500 |
$90,268 |