Mortgage Payment on a $54,000 House
What's the payment on a $54,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $54k.
After a 20% down payment, your loan amount will be $43,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $280
Total yearly payments = $3,362
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$1,890 |
$338 |
| 5.0% |
$2,700 |
$333 |
| 7.5% |
$4,050 |
$324 |
| 10% |
$5,400 |
$315 |
| 15% |
$8,100 |
$298 |
| 20% |
$10,800 |
$280 |
| 25% |
$13,500 |
$263 |
| 30% |
$16,200 |
$245 |
| 50% |
$27,000 |
$175 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$496 |
| 15 years |
$382 |
| 20 years |
$328 |
| 30 years |
$280 |
| 40 years |
$261 |
| Interest only |
$243 |
Can I afford a $54,000 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 $54,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$1,890 |
$18,342 |
| 5.0% |
$2,700 |
$18,117 |
| 7.5% |
$4,050 |
$17,742 |
| 10% |
$5,400 |
$17,367 |
| 15% |
$8,100 |
$16,616 |
| 20% |
$10,800 |
$15,865 |
| 25% |
$13,500 |
$15,115 |
| 30% |
$16,200 |
$14,364 |
| 50% |
$27,000 |
$11,362 |