Mortgage Payment on a $688,000 House
What's the payment on a $688,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $688k.
After a 20% down payment, your loan amount will be $550,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,570
Total yearly payments = $42,839
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,955 |
| 5.500% |
$3,125 |
| 6.000% |
$3,300 |
| 6.250% |
$3,389 |
| 6.500% |
$3,479 |
| 6.750% |
$3,570 |
| 6.875% |
$3,616 |
| 7.000% |
$3,662 |
| 7.250% |
$3,755 |
| 7.500% |
$3,848 |
| 7.625% |
$3,896 |
| 7.750% |
$3,943 |
| 8.000% |
$4,039 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$24,080 |
$4,306 |
| 5.0% |
$34,400 |
$4,239 |
| 7.5% |
$51,600 |
$4,128 |
| 10% |
$68,800 |
$4,016 |
| 15% |
$103,200 |
$3,793 |
| 20% |
$137,600 |
$3,570 |
| 25% |
$172,000 |
$3,347 |
| 30% |
$206,400 |
$3,124 |
| 50% |
$344,000 |
$2,231 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$6,320 |
| 15 years |
$4,871 |
| 20 years |
$4,185 |
| 30 years |
$3,570 |
| 40 years |
$3,321 |
| Interest only |
$3,096 |
Can I afford a $688,000 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 $688,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$24,080 |
$233,693 |
| 5.0% |
$34,400 |
$230,824 |
| 7.5% |
$51,600 |
$226,043 |
| 10% |
$68,800 |
$221,262 |
| 15% |
$103,200 |
$211,700 |
| 20% |
$137,600 |
$202,138 |
| 25% |
$172,000 |
$192,576 |
| 30% |
$206,400 |
$183,014 |
| 50% |
$344,000 |
$144,765 |