Mortgage Payment on a $697,000 House
What's the payment on a $697,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $697k.
After a 20% down payment, your loan amount will be $557,600. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,617
Total yearly payments = $43,399
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$2,993 |
| 5.500% |
$3,166 |
| 6.000% |
$3,343 |
| 6.250% |
$3,433 |
| 6.500% |
$3,524 |
| 6.750% |
$3,617 |
| 6.875% |
$3,663 |
| 7.000% |
$3,710 |
| 7.250% |
$3,804 |
| 7.500% |
$3,899 |
| 7.625% |
$3,947 |
| 7.750% |
$3,995 |
| 8.000% |
$4,091 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$24,395 |
$4,363 |
| 5.0% |
$34,850 |
$4,295 |
| 7.5% |
$52,275 |
$4,182 |
| 10% |
$69,700 |
$4,069 |
| 15% |
$104,550 |
$3,843 |
| 20% |
$139,400 |
$3,617 |
| 25% |
$174,250 |
$3,391 |
| 30% |
$209,100 |
$3,165 |
| 50% |
$348,500 |
$2,260 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$6,403 |
| 15 years |
$4,934 |
| 20 years |
$4,240 |
| 30 years |
$3,617 |
| 40 years |
$3,364 |
| Interest only |
$3,137 |
Can I afford a $697,000 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 $697,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$24,395 |
$236,750 |
| 5.0% |
$34,850 |
$233,844 |
| 7.5% |
$52,275 |
$229,000 |
| 10% |
$69,700 |
$224,157 |
| 15% |
$104,550 |
$214,469 |
| 20% |
$139,400 |
$204,782 |
| 25% |
$174,250 |
$195,095 |
| 30% |
$209,100 |
$185,408 |
| 50% |
$348,500 |
$146,658 |