Mortgage Payment on a $820,000 House
What's the payment on a $820,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $820k.
After a 20% down payment, your loan amount will be $656,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $4,255
Total yearly payments = $51,058
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$3,522 |
| 5.500% |
$3,725 |
| 6.000% |
$3,933 |
| 6.250% |
$4,039 |
| 6.500% |
$4,146 |
| 6.750% |
$4,255 |
| 6.875% |
$4,309 |
| 7.000% |
$4,364 |
| 7.250% |
$4,475 |
| 7.500% |
$4,587 |
| 7.625% |
$4,643 |
| 7.750% |
$4,700 |
| 8.000% |
$4,813 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$28,700 |
$5,132 |
| 5.0% |
$41,000 |
$5,053 |
| 7.5% |
$61,500 |
$4,920 |
| 10% |
$82,000 |
$4,787 |
| 15% |
$123,000 |
$4,521 |
| 20% |
$164,000 |
$4,255 |
| 25% |
$205,000 |
$3,989 |
| 30% |
$246,000 |
$3,723 |
| 50% |
$410,000 |
$2,659 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$7,532 |
| 15 years |
$5,805 |
| 20 years |
$4,988 |
| 30 years |
$4,255 |
| 40 years |
$3,958 |
| Interest only |
$3,690 |
Can I afford a $820,000 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 $820,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$28,700 |
$278,530 |
| 5.0% |
$41,000 |
$275,111 |
| 7.5% |
$61,500 |
$269,412 |
| 10% |
$82,000 |
$263,714 |
| 15% |
$123,000 |
$252,317 |
| 20% |
$164,000 |
$240,920 |
| 25% |
$205,000 |
$229,523 |
| 30% |
$246,000 |
$218,127 |
| 50% |
$410,000 |
$172,539 |