Mortgage Payment on a $474,000 House
What's the payment on a $474,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $474k.
After a 20% down payment, your loan amount will be $379,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,459
Total yearly payments = $29,514
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,036 |
| 5.500% |
$2,153 |
| 6.000% |
$2,273 |
| 6.250% |
$2,335 |
| 6.500% |
$2,397 |
| 6.750% |
$2,459 |
| 6.875% |
$2,491 |
| 7.000% |
$2,523 |
| 7.250% |
$2,587 |
| 7.500% |
$2,651 |
| 7.625% |
$2,684 |
| 7.750% |
$2,717 |
| 8.000% |
$2,782 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$16,590 |
$2,967 |
| 5.0% |
$23,700 |
$2,921 |
| 7.5% |
$35,550 |
$2,844 |
| 10% |
$47,400 |
$2,767 |
| 15% |
$71,100 |
$2,613 |
| 20% |
$94,800 |
$2,459 |
| 25% |
$118,500 |
$2,306 |
| 30% |
$142,200 |
$2,152 |
| 50% |
$237,000 |
$1,537 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,354 |
| 15 years |
$3,356 |
| 20 years |
$2,883 |
| 30 years |
$2,459 |
| 40 years |
$2,288 |
| Interest only |
$2,133 |
Can I afford a $474,000 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 $474,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$16,590 |
$161,004 |
| 5.0% |
$23,700 |
$159,027 |
| 7.5% |
$35,550 |
$155,733 |
| 10% |
$47,400 |
$152,439 |
| 15% |
$71,100 |
$145,852 |
| 20% |
$94,800 |
$139,264 |
| 25% |
$118,500 |
$132,676 |
| 30% |
$142,200 |
$126,088 |
| 50% |
$237,000 |
$99,736 |