Mortgage Payment on a $89,000 House
What's the payment on a $89,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $89k.
After a 20% down payment, your loan amount will be $71,200. With a 30-year loan loan at 6.75% interest:
Monthly payment = $462
Total yearly payments = $5,542
Payments by Interest Rate
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$3,115 |
$557 |
| 5.0% |
$4,450 |
$548 |
| 7.5% |
$6,675 |
$534 |
| 10% |
$8,900 |
$520 |
| 15% |
$13,350 |
$491 |
| 20% |
$17,800 |
$462 |
| 25% |
$22,250 |
$433 |
| 30% |
$26,700 |
$404 |
| 50% |
$44,500 |
$289 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$818 |
| 15 years |
$630 |
| 20 years |
$541 |
| 30 years |
$462 |
| 40 years |
$430 |
| Interest only |
$401 |
Can I afford a $89,000 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 $89,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$3,115 |
$30,231 |
| 5.0% |
$4,450 |
$29,860 |
| 7.5% |
$6,675 |
$29,241 |
| 10% |
$8,900 |
$28,623 |
| 15% |
$13,350 |
$27,386 |
| 20% |
$17,800 |
$26,149 |
| 25% |
$22,250 |
$24,912 |
| 30% |
$26,700 |
$23,675 |
| 50% |
$44,500 |
$18,727 |