Mortgage Payment on a $80,000 House
What's the payment on a $80,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $80k.
After a 20% down payment, your loan amount will be $64,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $415
Total yearly payments = $4,981
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$2,800 |
$501 |
| 5.0% |
$4,000 |
$493 |
| 7.5% |
$6,000 |
$480 |
| 10% |
$8,000 |
$467 |
| 15% |
$12,000 |
$441 |
| 20% |
$16,000 |
$415 |
| 25% |
$20,000 |
$389 |
| 30% |
$24,000 |
$363 |
| 50% |
$40,000 |
$259 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$735 |
| 15 years |
$566 |
| 20 years |
$487 |
| 30 years |
$415 |
| 40 years |
$386 |
| Interest only |
$360 |
Can I afford a $80,000 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 $80,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$2,800 |
$27,174 |
| 5.0% |
$4,000 |
$26,840 |
| 7.5% |
$6,000 |
$26,284 |
| 10% |
$8,000 |
$25,728 |
| 15% |
$12,000 |
$24,616 |
| 20% |
$16,000 |
$23,504 |
| 25% |
$20,000 |
$22,393 |
| 30% |
$24,000 |
$21,281 |
| 50% |
$40,000 |
$16,833 |