Mortgage Payment on a $58,000 House
What's the payment on a $58,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $58k.
After a 20% down payment, your loan amount will be $46,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $301
Total yearly payments = $3,611
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$2,030 |
$363 |
| 5.0% |
$2,900 |
$357 |
| 7.5% |
$4,350 |
$348 |
| 10% |
$5,800 |
$339 |
| 15% |
$8,700 |
$320 |
| 20% |
$11,600 |
$301 |
| 25% |
$14,500 |
$282 |
| 30% |
$17,400 |
$263 |
| 50% |
$29,000 |
$188 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$533 |
| 15 years |
$411 |
| 20 years |
$353 |
| 30 years |
$301 |
| 40 years |
$280 |
| Interest only |
$261 |
Can I afford a $58,000 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 $58,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$2,030 |
$19,701 |
| 5.0% |
$2,900 |
$19,459 |
| 7.5% |
$4,350 |
$19,056 |
| 10% |
$5,800 |
$18,653 |
| 15% |
$8,700 |
$17,847 |
| 20% |
$11,600 |
$17,041 |
| 25% |
$14,500 |
$16,235 |
| 30% |
$17,400 |
$15,428 |
| 50% |
$29,000 |
$12,204 |