Mortgage Payment on a $60,000 House
What's the payment on a $60,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $60k.
After a 20% down payment, your loan amount will be $48,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $311
Total yearly payments = $3,736
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$2,100 |
$376 |
| 5.0% |
$3,000 |
$370 |
| 7.5% |
$4,500 |
$360 |
| 10% |
$6,000 |
$350 |
| 15% |
$9,000 |
$331 |
| 20% |
$12,000 |
$311 |
| 25% |
$15,000 |
$292 |
| 30% |
$18,000 |
$272 |
| 50% |
$30,000 |
$195 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$551 |
| 15 years |
$425 |
| 20 years |
$365 |
| 30 years |
$311 |
| 40 years |
$290 |
| Interest only |
$270 |
Can I afford a $60,000 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 $60,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$2,100 |
$20,380 |
| 5.0% |
$3,000 |
$20,130 |
| 7.5% |
$4,500 |
$19,713 |
| 10% |
$6,000 |
$19,296 |
| 15% |
$9,000 |
$18,462 |
| 20% |
$12,000 |
$17,628 |
| 25% |
$15,000 |
$16,794 |
| 30% |
$18,000 |
$15,960 |
| 50% |
$30,000 |
$12,625 |