Mortgage Payment on a $63,000 House
What's the payment on a $63,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $63k.
After a 20% down payment, your loan amount will be $50,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $327
Total yearly payments = $3,923
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$2,205 |
$394 |
| 5.0% |
$3,150 |
$388 |
| 7.5% |
$4,725 |
$378 |
| 10% |
$6,300 |
$368 |
| 15% |
$9,450 |
$347 |
| 20% |
$12,600 |
$327 |
| 25% |
$15,750 |
$306 |
| 30% |
$18,900 |
$286 |
| 50% |
$31,500 |
$204 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$579 |
| 15 years |
$446 |
| 20 years |
$383 |
| 30 years |
$327 |
| 40 years |
$304 |
| Interest only |
$284 |
Can I afford a $63,000 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 $63,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$2,205 |
$21,399 |
| 5.0% |
$3,150 |
$21,137 |
| 7.5% |
$4,725 |
$20,699 |
| 10% |
$6,300 |
$20,261 |
| 15% |
$9,450 |
$19,385 |
| 20% |
$12,600 |
$18,510 |
| 25% |
$15,750 |
$17,634 |
| 30% |
$18,900 |
$16,759 |
| 50% |
$31,500 |
$13,256 |