Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $939.44 | $1,154.92 | $1,383.89 |
| 5.25% | $966.36 | $1,179.23 | $1,406.79 |
| 5.50% | $993.63 | $1,203.80 | $1,429.90 |
| 5.75% | $1,021.25 | $1,228.65 | $1,453.22 |
| 6.00% | $1,049.21 | $1,253.75 | $1,476.75 |
| 6.25% | $1,077.51 | $1,279.12 | $1,500.49 |
| 6.50% | $1,106.12 | $1,304.75 | $1,524.44 |
| 6.75% | $1,135.05 | $1,330.64 | $1,548.59 |
| 7.00% | $1,164.28 | $1,356.77 | $1,572.95 |
| 7.25% | $1,193.81 | $1,383.16 | $1,597.51 |
| 7.50% | $1,223.63 | $1,409.79 | $1,622.27 |
| 7.75% | $1,253.72 | $1,436.66 | $1,647.23 |
| 8.00% | $1,284.09 | $1,463.77 | $1,672.39 |
These are principal and interest only. Property tax, homeowners insurance, PMI (if you put less than 20% down) and HOA dues are added to the real monthly cost. The mortgage calculator includes all of them.
Income needed for a $175k mortgage
Many lenders want the full housing payment under about 28% of gross monthly income. With a 6.5% rate, property tax around 1.2% a year and roughly $150 a month of insurance, the payment is about $1,431, which points to a household income near $61,334 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $175k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $180,412 | $5,412 |
| 5% | $184,211 | $9,211 |
| 10% | $194,444 | $19,444 |
| 20% | $218,750 | $43,750 |