Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $1,342.05 | $1,649.89 | $1,976.98 |
| 5.25% | $1,380.51 | $1,684.61 | $2,009.69 |
| 5.50% | $1,419.47 | $1,719.72 | $2,042.71 |
| 5.75% | $1,458.93 | $1,755.21 | $2,076.03 |
| 6.00% | $1,498.88 | $1,791.08 | $2,109.64 |
| 6.25% | $1,539.29 | $1,827.32 | $2,143.56 |
| 6.50% | $1,580.17 | $1,863.93 | $2,177.77 |
| 6.75% | $1,621.50 | $1,900.91 | $2,212.27 |
| 7.00% | $1,663.26 | $1,938.25 | $2,247.07 |
| 7.25% | $1,705.44 | $1,975.94 | $2,282.16 |
| 7.50% | $1,748.04 | $2,013.98 | $2,317.53 |
| 7.75% | $1,791.03 | $2,052.37 | $2,353.19 |
| 8.00% | $1,834.41 | $2,091.10 | $2,389.13 |
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 $250k 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 $1,980, which points to a household income near $84,864 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $250k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $257,732 | $7,732 |
| 5% | $263,158 | $13,158 |
| 10% | $277,778 | $27,778 |
| 20% | $312,500 | $62,500 |