Mortgage Payment on a $59,000 House
What's the payment on a $59,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $59k.
After a 20% down payment, your loan amount will be $47,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $306
Total yearly payments = $3,674
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$2,065 |
$369 |
| 5.0% |
$2,950 |
$364 |
| 7.5% |
$4,425 |
$354 |
| 10% |
$5,900 |
$344 |
| 15% |
$8,850 |
$325 |
| 20% |
$11,800 |
$306 |
| 25% |
$14,750 |
$287 |
| 30% |
$17,700 |
$268 |
| 50% |
$29,500 |
$191 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$542 |
| 15 years |
$418 |
| 20 years |
$359 |
| 30 years |
$306 |
| 40 years |
$285 |
| Interest only |
$266 |
Can I afford a $59,000 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 $59,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$2,065 |
$20,041 |
| 5.0% |
$2,950 |
$19,795 |
| 7.5% |
$4,425 |
$19,385 |
| 10% |
$5,900 |
$18,975 |
| 15% |
$8,850 |
$18,155 |
| 20% |
$11,800 |
$17,334 |
| 25% |
$14,750 |
$16,514 |
| 30% |
$17,700 |
$15,694 |
| 50% |
$29,500 |
$12,414 |