Mortgage Payment on a $470,000 House
What's the payment on a $470,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $470k.
After a 20% down payment, your loan amount will be $376,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,439
Total yearly payments = $29,265
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,018 |
| 5.500% |
$2,135 |
| 6.000% |
$2,254 |
| 6.250% |
$2,315 |
| 6.500% |
$2,377 |
| 6.750% |
$2,439 |
| 6.875% |
$2,470 |
| 7.000% |
$2,502 |
| 7.250% |
$2,565 |
| 7.500% |
$2,629 |
| 7.625% |
$2,661 |
| 7.750% |
$2,694 |
| 8.000% |
$2,759 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$16,450 |
$2,942 |
| 5.0% |
$23,500 |
$2,896 |
| 7.5% |
$35,250 |
$2,820 |
| 10% |
$47,000 |
$2,744 |
| 15% |
$70,500 |
$2,591 |
| 20% |
$94,000 |
$2,439 |
| 25% |
$117,500 |
$2,286 |
| 30% |
$141,000 |
$2,134 |
| 50% |
$235,000 |
$1,524 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,317 |
| 15 years |
$3,327 |
| 20 years |
$2,859 |
| 30 years |
$2,439 |
| 40 years |
$2,269 |
| Interest only |
$2,115 |
Can I afford a $470,000 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 $470,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$16,450 |
$159,645 |
| 5.0% |
$23,500 |
$157,685 |
| 7.5% |
$35,250 |
$154,419 |
| 10% |
$47,000 |
$151,153 |
| 15% |
$70,500 |
$144,621 |
| 20% |
$94,000 |
$138,088 |
| 25% |
$117,500 |
$131,556 |
| 30% |
$141,000 |
$125,024 |
| 50% |
$235,000 |
$98,895 |