Mortgage Payment on a $743,000 House
What's the payment on a $743,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $743k.
After a 20% down payment, your loan amount will be $594,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,855
Total yearly payments = $46,263
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$3,191 |
| 5.500% |
$3,375 |
| 6.000% |
$3,564 |
| 6.250% |
$3,660 |
| 6.500% |
$3,757 |
| 6.750% |
$3,855 |
| 6.875% |
$3,905 |
| 7.000% |
$3,955 |
| 7.250% |
$4,055 |
| 7.500% |
$4,156 |
| 7.625% |
$4,207 |
| 7.750% |
$4,258 |
| 8.000% |
$4,361 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$26,005 |
$4,650 |
| 5.0% |
$37,150 |
$4,578 |
| 7.5% |
$55,725 |
$4,458 |
| 10% |
$74,300 |
$4,337 |
| 15% |
$111,450 |
$4,096 |
| 20% |
$148,600 |
$3,855 |
| 25% |
$185,750 |
$3,614 |
| 30% |
$222,900 |
$3,373 |
| 50% |
$371,500 |
$2,410 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$6,825 |
| 15 years |
$5,260 |
| 20 years |
$4,520 |
| 30 years |
$3,855 |
| 40 years |
$3,586 |
| Interest only |
$3,344 |
Can I afford a $743,000 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 $743,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$26,005 |
$252,375 |
| 5.0% |
$37,150 |
$249,277 |
| 7.5% |
$55,725 |
$244,114 |
| 10% |
$74,300 |
$238,950 |
| 15% |
$111,450 |
$228,624 |
| 20% |
$148,600 |
$218,297 |
| 25% |
$185,750 |
$207,971 |
| 30% |
$222,900 |
$197,644 |
| 50% |
$371,500 |
$156,338 |