Mortgage Payment on a $480,000 House
What's the payment on a $480,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $480k.
After a 20% down payment, your loan amount will be $384,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,491
Total yearly payments = $29,887
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,061 |
| 5.500% |
$2,180 |
| 6.000% |
$2,302 |
| 6.250% |
$2,364 |
| 6.500% |
$2,427 |
| 6.750% |
$2,491 |
| 6.875% |
$2,523 |
| 7.000% |
$2,555 |
| 7.250% |
$2,620 |
| 7.500% |
$2,685 |
| 7.625% |
$2,718 |
| 7.750% |
$2,751 |
| 8.000% |
$2,818 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$16,800 |
$3,004 |
| 5.0% |
$24,000 |
$2,958 |
| 7.5% |
$36,000 |
$2,880 |
| 10% |
$48,000 |
$2,802 |
| 15% |
$72,000 |
$2,646 |
| 20% |
$96,000 |
$2,491 |
| 25% |
$120,000 |
$2,335 |
| 30% |
$144,000 |
$2,179 |
| 50% |
$240,000 |
$1,557 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,409 |
| 15 years |
$3,398 |
| 20 years |
$2,920 |
| 30 years |
$2,491 |
| 40 years |
$2,317 |
| Interest only |
$2,160 |
Can I afford a $480,000 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 $480,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$16,800 |
$163,042 |
| 5.0% |
$24,000 |
$161,040 |
| 7.5% |
$36,000 |
$157,705 |
| 10% |
$48,000 |
$154,369 |
| 15% |
$72,000 |
$147,698 |
| 20% |
$96,000 |
$141,026 |
| 25% |
$120,000 |
$134,355 |
| 30% |
$144,000 |
$127,684 |
| 50% |
$240,000 |
$100,999 |