Mortgage Payment on a $477,000 House
What's the payment on a $477,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $477k.
After a 20% down payment, your loan amount will be $381,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,475
Total yearly payments = $29,701
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,049 |
| 5.500% |
$2,167 |
| 6.000% |
$2,288 |
| 6.250% |
$2,350 |
| 6.500% |
$2,412 |
| 6.750% |
$2,475 |
| 6.875% |
$2,507 |
| 7.000% |
$2,539 |
| 7.250% |
$2,603 |
| 7.500% |
$2,668 |
| 7.625% |
$2,701 |
| 7.750% |
$2,734 |
| 8.000% |
$2,800 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$16,695 |
$2,986 |
| 5.0% |
$23,850 |
$2,939 |
| 7.5% |
$35,775 |
$2,862 |
| 10% |
$47,700 |
$2,784 |
| 15% |
$71,550 |
$2,630 |
| 20% |
$95,400 |
$2,475 |
| 25% |
$119,250 |
$2,320 |
| 30% |
$143,100 |
$2,166 |
| 50% |
$238,500 |
$1,547 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,382 |
| 15 years |
$3,377 |
| 20 years |
$2,902 |
| 30 years |
$2,475 |
| 40 years |
$2,302 |
| Interest only |
$2,147 |
Can I afford a $477,000 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 $477,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$16,695 |
$162,023 |
| 5.0% |
$23,850 |
$160,034 |
| 7.5% |
$35,775 |
$156,719 |
| 10% |
$47,700 |
$153,404 |
| 15% |
$71,550 |
$146,775 |
| 20% |
$95,400 |
$140,145 |
| 25% |
$119,250 |
$133,515 |
| 30% |
$143,100 |
$126,886 |
| 50% |
$238,500 |
$100,367 |