Mortgage Payment on a $507,000 House
What's the payment on a $507,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $507k.
After a 20% down payment, your loan amount will be $405,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,631
Total yearly payments = $31,569
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,177 |
| 5.500% |
$2,303 |
| 6.000% |
$2,432 |
| 6.250% |
$2,497 |
| 6.500% |
$2,564 |
| 6.750% |
$2,631 |
| 6.875% |
$2,665 |
| 7.000% |
$2,698 |
| 7.250% |
$2,767 |
| 7.500% |
$2,836 |
| 7.625% |
$2,871 |
| 7.750% |
$2,906 |
| 8.000% |
$2,976 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,745 |
$3,173 |
| 5.0% |
$25,350 |
$3,124 |
| 7.5% |
$38,025 |
$3,042 |
| 10% |
$50,700 |
$2,960 |
| 15% |
$76,050 |
$2,795 |
| 20% |
$101,400 |
$2,631 |
| 25% |
$126,750 |
$2,466 |
| 30% |
$152,100 |
$2,302 |
| 50% |
$253,500 |
$1,644 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,657 |
| 15 years |
$3,589 |
| 20 years |
$3,084 |
| 30 years |
$2,631 |
| 40 years |
$2,447 |
| Interest only |
$2,282 |
Can I afford a $507,000 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 $507,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,745 |
$172,213 |
| 5.0% |
$25,350 |
$170,099 |
| 7.5% |
$38,025 |
$166,576 |
| 10% |
$50,700 |
$163,052 |
| 15% |
$76,050 |
$156,006 |
| 20% |
$101,400 |
$148,959 |
| 25% |
$126,750 |
$141,913 |
| 30% |
$152,100 |
$134,866 |
| 50% |
$253,500 |
$106,680 |