Mortgage Payment on a $740,000 House
What's the payment on a $740,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $740k.
After a 20% down payment, your loan amount will be $592,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,840
Total yearly payments = $46,076
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$3,178 |
| 5.500% |
$3,361 |
| 6.000% |
$3,549 |
| 6.250% |
$3,645 |
| 6.500% |
$3,742 |
| 6.750% |
$3,840 |
| 6.875% |
$3,889 |
| 7.000% |
$3,939 |
| 7.250% |
$4,038 |
| 7.500% |
$4,139 |
| 7.625% |
$4,190 |
| 7.750% |
$4,241 |
| 8.000% |
$4,344 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$25,900 |
$4,632 |
| 5.0% |
$37,000 |
$4,560 |
| 7.5% |
$55,500 |
$4,440 |
| 10% |
$74,000 |
$4,320 |
| 15% |
$111,000 |
$4,080 |
| 20% |
$148,000 |
$3,840 |
| 25% |
$185,000 |
$3,600 |
| 30% |
$222,000 |
$3,360 |
| 50% |
$370,000 |
$2,400 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$6,798 |
| 15 years |
$5,239 |
| 20 years |
$4,501 |
| 30 years |
$3,840 |
| 40 years |
$3,572 |
| Interest only |
$3,330 |
Can I afford a $740,000 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 $740,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$25,900 |
$251,356 |
| 5.0% |
$37,000 |
$248,270 |
| 7.5% |
$55,500 |
$243,128 |
| 10% |
$74,000 |
$237,986 |
| 15% |
$111,000 |
$227,701 |
| 20% |
$148,000 |
$217,416 |
| 25% |
$185,000 |
$207,131 |
| 30% |
$222,000 |
$196,846 |
| 50% |
$370,000 |
$155,706 |