Mortgage Payment on a $551,000 House
What's the payment on a $551,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $551k.
After a 20% down payment, your loan amount will be $440,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $2,859
Total yearly payments = $34,308
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,366 |
| 5.500% |
$2,503 |
| 6.000% |
$2,643 |
| 6.250% |
$2,714 |
| 6.500% |
$2,786 |
| 6.750% |
$2,859 |
| 6.875% |
$2,896 |
| 7.000% |
$2,933 |
| 7.250% |
$3,007 |
| 7.500% |
$3,082 |
| 7.625% |
$3,120 |
| 7.750% |
$3,158 |
| 8.000% |
$3,234 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$19,285 |
$3,449 |
| 5.0% |
$27,550 |
$3,395 |
| 7.5% |
$41,325 |
$3,306 |
| 10% |
$55,100 |
$3,216 |
| 15% |
$82,650 |
$3,038 |
| 20% |
$110,200 |
$2,859 |
| 25% |
$137,750 |
$2,680 |
| 30% |
$165,300 |
$2,502 |
| 50% |
$275,500 |
$1,787 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,061 |
| 15 years |
$3,901 |
| 20 years |
$3,352 |
| 30 years |
$2,859 |
| 40 years |
$2,660 |
| Interest only |
$2,480 |
Can I afford a $551,000 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 $551,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$19,285 |
$187,158 |
| 5.0% |
$27,550 |
$184,861 |
| 7.5% |
$41,325 |
$181,032 |
| 10% |
$55,100 |
$177,203 |
| 15% |
$82,650 |
$169,545 |
| 20% |
$110,200 |
$161,887 |
| 25% |
$137,750 |
$154,228 |
| 30% |
$165,300 |
$146,570 |
| 50% |
$275,500 |
$115,938 |