Mortgage Payment on a $86,000 House
What's the payment on a $86,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $86k.
After a 20% down payment, your loan amount will be $68,800. With a 30-year loan loan at 6.75% interest:
Monthly payment = $446
Total yearly payments = $5,355
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,010 |
$538 |
| 5.0% |
$4,300 |
$530 |
| 7.5% |
$6,450 |
$516 |
| 10% |
$8,600 |
$502 |
| 15% |
$12,900 |
$474 |
| 20% |
$17,200 |
$446 |
| 25% |
$21,500 |
$418 |
| 30% |
$25,800 |
$390 |
| 50% |
$43,000 |
$279 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$790 |
| 15 years |
$609 |
| 20 years |
$523 |
| 30 years |
$446 |
| 40 years |
$415 |
| Interest only |
$387 |
Can I afford a $86,000 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 $86,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,010 |
$29,212 |
| 5.0% |
$4,300 |
$28,853 |
| 7.5% |
$6,450 |
$28,255 |
| 10% |
$8,600 |
$27,658 |
| 15% |
$12,900 |
$26,463 |
| 20% |
$17,200 |
$25,267 |
| 25% |
$21,500 |
$24,072 |
| 30% |
$25,800 |
$22,877 |
| 50% |
$43,000 |
$18,096 |