Mortgage Payment on a $78,000 House
What's the payment on a $78,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $78k.
After a 20% down payment, your loan amount will be $62,400. With a 30-year loan loan at 6.75% interest:
Monthly payment = $405
Total yearly payments = $4,857
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$2,730 |
$488 |
| 5.0% |
$3,900 |
$481 |
| 7.5% |
$5,850 |
$468 |
| 10% |
$7,800 |
$455 |
| 15% |
$11,700 |
$430 |
| 20% |
$15,600 |
$405 |
| 25% |
$19,500 |
$379 |
| 30% |
$23,400 |
$354 |
| 50% |
$39,000 |
$253 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$717 |
| 15 years |
$552 |
| 20 years |
$474 |
| 30 years |
$405 |
| 40 years |
$376 |
| Interest only |
$351 |
Can I afford a $78,000 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 $78,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$2,730 |
$26,494 |
| 5.0% |
$3,900 |
$26,169 |
| 7.5% |
$5,850 |
$25,627 |
| 10% |
$7,800 |
$25,085 |
| 15% |
$11,700 |
$24,001 |
| 20% |
$15,600 |
$22,917 |
| 25% |
$19,500 |
$21,833 |
| 30% |
$23,400 |
$20,749 |
| 50% |
$39,000 |
$16,412 |