Mortgage Payment on a $476,000 House
What's the payment on a $476,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $476k.
After a 20% down payment, your loan amount will be $380,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,470
Total yearly payments = $29,638
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,044 |
| 5.500% |
$2,162 |
| 6.000% |
$2,283 |
| 6.250% |
$2,345 |
| 6.500% |
$2,407 |
| 6.750% |
$2,470 |
| 6.875% |
$2,502 |
| 7.000% |
$2,533 |
| 7.250% |
$2,598 |
| 7.500% |
$2,663 |
| 7.625% |
$2,695 |
| 7.750% |
$2,728 |
| 8.000% |
$2,794 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$16,660 |
$2,979 |
| 5.0% |
$23,800 |
$2,933 |
| 7.5% |
$35,700 |
$2,856 |
| 10% |
$47,600 |
$2,779 |
| 15% |
$71,400 |
$2,624 |
| 20% |
$95,200 |
$2,470 |
| 25% |
$119,000 |
$2,315 |
| 30% |
$142,800 |
$2,161 |
| 50% |
$238,000 |
$1,544 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,373 |
| 15 years |
$3,370 |
| 20 years |
$2,895 |
| 30 years |
$2,470 |
| 40 years |
$2,298 |
| Interest only |
$2,142 |
Can I afford a $476,000 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 $476,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$16,660 |
$161,683 |
| 5.0% |
$23,800 |
$159,698 |
| 7.5% |
$35,700 |
$156,390 |
| 10% |
$47,600 |
$153,083 |
| 15% |
$71,400 |
$146,467 |
| 20% |
$95,200 |
$139,851 |
| 25% |
$119,000 |
$133,236 |
| 30% |
$142,800 |
$126,620 |
| 50% |
$238,000 |
$100,157 |