Mortgage Payment on a $513,000 House
What's the payment on a $513,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $513k.
After a 20% down payment, your loan amount will be $410,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,662
Total yearly payments = $31,942
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,203 |
| 5.500% |
$2,330 |
| 6.000% |
$2,461 |
| 6.250% |
$2,527 |
| 6.500% |
$2,594 |
| 6.750% |
$2,662 |
| 6.875% |
$2,696 |
| 7.000% |
$2,730 |
| 7.250% |
$2,800 |
| 7.500% |
$2,870 |
| 7.625% |
$2,905 |
| 7.750% |
$2,940 |
| 8.000% |
$3,011 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$17,955 |
$3,211 |
| 5.0% |
$25,650 |
$3,161 |
| 7.5% |
$38,475 |
$3,078 |
| 10% |
$51,300 |
$2,995 |
| 15% |
$76,950 |
$2,828 |
| 20% |
$102,600 |
$2,662 |
| 25% |
$128,250 |
$2,495 |
| 30% |
$153,900 |
$2,329 |
| 50% |
$256,500 |
$1,664 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$4,712 |
| 15 years |
$3,632 |
| 20 years |
$3,121 |
| 30 years |
$2,662 |
| 40 years |
$2,476 |
| Interest only |
$2,309 |
Can I afford a $513,000 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 $513,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$17,955 |
$174,251 |
| 5.0% |
$25,650 |
$172,112 |
| 7.5% |
$38,475 |
$168,547 |
| 10% |
$51,300 |
$164,982 |
| 15% |
$76,950 |
$157,852 |
| 20% |
$102,600 |
$150,722 |
| 25% |
$128,250 |
$143,592 |
| 30% |
$153,900 |
$136,462 |
| 50% |
$256,500 |
$107,942 |