Mortgage Payment on a $53,000 House
What's the payment on a $53,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $53k.
After a 20% down payment, your loan amount will be $42,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $275
Total yearly payments = $3,300
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$1,855 |
$332 |
| 5.0% |
$2,650 |
$327 |
| 7.5% |
$3,975 |
$318 |
| 10% |
$5,300 |
$309 |
| 15% |
$7,950 |
$292 |
| 20% |
$10,600 |
$275 |
| 25% |
$13,250 |
$258 |
| 30% |
$15,900 |
$241 |
| 50% |
$26,500 |
$172 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$487 |
| 15 years |
$375 |
| 20 years |
$322 |
| 30 years |
$275 |
| 40 years |
$256 |
| Interest only |
$239 |
Can I afford a $53,000 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 $53,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$1,855 |
$18,003 |
| 5.0% |
$2,650 |
$17,782 |
| 7.5% |
$3,975 |
$17,413 |
| 10% |
$5,300 |
$17,045 |
| 15% |
$7,950 |
$16,308 |
| 20% |
$10,600 |
$15,572 |
| 25% |
$13,250 |
$14,835 |
| 30% |
$15,900 |
$14,098 |
| 50% |
$26,500 |
$11,152 |