Mortgage Payment on a $608,000 House
What's the payment on a $608,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $608k.
After a 20% down payment, your loan amount will be $486,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,155
Total yearly payments = $37,857
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,611 |
| 5.500% |
$2,762 |
| 6.000% |
$2,916 |
| 6.250% |
$2,995 |
| 6.500% |
$3,074 |
| 6.750% |
$3,155 |
| 6.875% |
$3,195 |
| 7.000% |
$3,236 |
| 7.250% |
$3,318 |
| 7.500% |
$3,401 |
| 7.625% |
$3,443 |
| 7.750% |
$3,485 |
| 8.000% |
$3,569 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$21,280 |
$3,805 |
| 5.0% |
$30,400 |
$3,746 |
| 7.5% |
$45,600 |
$3,648 |
| 10% |
$60,800 |
$3,549 |
| 15% |
$91,200 |
$3,352 |
| 20% |
$121,600 |
$3,155 |
| 25% |
$152,000 |
$2,958 |
| 30% |
$182,400 |
$2,760 |
| 50% |
$304,000 |
$1,972 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$5,585 |
| 15 years |
$4,304 |
| 20 years |
$3,698 |
| 30 years |
$3,155 |
| 40 years |
$2,935 |
| Interest only |
$2,736 |
Can I afford a $608,000 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 $608,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$21,280 |
$206,519 |
| 5.0% |
$30,400 |
$203,984 |
| 7.5% |
$45,600 |
$199,759 |
| 10% |
$60,800 |
$195,534 |
| 15% |
$91,200 |
$187,084 |
| 20% |
$121,600 |
$178,633 |
| 25% |
$152,000 |
$170,183 |
| 30% |
$182,400 |
$161,733 |
| 50% |
$304,000 |
$127,932 |