Mortgage Payment on a $746,000 House
What's the payment on a $746,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $746k.
After a 20% down payment, your loan amount will be $596,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $3,871
Total yearly payments = $46,450
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$3,204 |
| 5.500% |
$3,389 |
| 6.000% |
$3,578 |
| 6.250% |
$3,675 |
| 6.500% |
$3,772 |
| 6.750% |
$3,871 |
| 6.875% |
$3,921 |
| 7.000% |
$3,971 |
| 7.250% |
$4,071 |
| 7.500% |
$4,173 |
| 7.625% |
$4,224 |
| 7.750% |
$4,276 |
| 8.000% |
$4,379 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$26,110 |
$4,669 |
| 5.0% |
$37,300 |
$4,597 |
| 7.5% |
$55,950 |
$4,476 |
| 10% |
$74,600 |
$4,355 |
| 15% |
$111,900 |
$4,113 |
| 20% |
$149,200 |
$3,871 |
| 25% |
$186,500 |
$3,629 |
| 30% |
$223,800 |
$3,387 |
| 50% |
$373,000 |
$2,419 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$6,853 |
| 15 years |
$5,281 |
| 20 years |
$4,538 |
| 30 years |
$3,871 |
| 40 years |
$3,601 |
| Interest only |
$3,357 |
Can I afford a $746,000 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 $746,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$26,110 |
$253,394 |
| 5.0% |
$37,300 |
$250,283 |
| 7.5% |
$55,950 |
$245,099 |
| 10% |
$74,600 |
$239,915 |
| 15% |
$111,900 |
$229,547 |
| 20% |
$149,200 |
$219,179 |
| 25% |
$186,500 |
$208,810 |
| 30% |
$223,800 |
$198,442 |
| 50% |
$373,000 |
$156,969 |