Mortgage Payment on a $51,000 House
What's the payment on a $51,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $51k.
After a 20% down payment, your loan amount will be $40,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $265
Total yearly payments = $3,176
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$1,785 |
$319 |
| 5.0% |
$2,550 |
$314 |
| 7.5% |
$3,825 |
$306 |
| 10% |
$5,100 |
$298 |
| 15% |
$7,650 |
$281 |
| 20% |
$10,200 |
$265 |
| 25% |
$12,750 |
$248 |
| 30% |
$15,300 |
$232 |
| 50% |
$25,500 |
$165 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$468 |
| 15 years |
$361 |
| 20 years |
$310 |
| 30 years |
$265 |
| 40 years |
$246 |
| Interest only |
$230 |
Can I afford a $51,000 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 $51,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$1,785 |
$17,323 |
| 5.0% |
$2,550 |
$17,111 |
| 7.5% |
$3,825 |
$16,756 |
| 10% |
$5,100 |
$16,402 |
| 15% |
$7,650 |
$15,693 |
| 20% |
$10,200 |
$14,984 |
| 25% |
$12,750 |
$14,275 |
| 30% |
$15,300 |
$13,566 |
| 50% |
$25,500 |
$10,731 |