Mortgage Payment on a $79,000 House
What's the payment on a $79,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $79k.
After a 20% down payment, your loan amount will be $63,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $410
Total yearly payments = $4,919
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$2,765 |
$494 |
| 5.0% |
$3,950 |
$487 |
| 7.5% |
$5,925 |
$474 |
| 10% |
$7,900 |
$461 |
| 15% |
$11,850 |
$436 |
| 20% |
$15,800 |
$410 |
| 25% |
$19,750 |
$384 |
| 30% |
$23,700 |
$359 |
| 50% |
$39,500 |
$256 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$726 |
| 15 years |
$559 |
| 20 years |
$481 |
| 30 years |
$410 |
| 40 years |
$381 |
| Interest only |
$356 |
Can I afford a $79,000 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 $79,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$2,765 |
$26,834 |
| 5.0% |
$3,950 |
$26,505 |
| 7.5% |
$5,925 |
$25,956 |
| 10% |
$7,900 |
$25,407 |
| 15% |
$11,850 |
$24,309 |
| 20% |
$15,800 |
$23,211 |
| 25% |
$19,750 |
$22,113 |
| 30% |
$23,700 |
$21,015 |
| 50% |
$39,500 |
$16,623 |