Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $1,610.46 | $1,979.87 | $2,372.38 |
| 5.25% | $1,656.61 | $2,021.53 | $2,411.63 |
| 5.50% | $1,703.37 | $2,063.66 | $2,451.25 |
| 5.75% | $1,750.72 | $2,106.25 | $2,491.23 |
| 6.00% | $1,798.65 | $2,149.29 | $2,531.57 |
| 6.25% | $1,847.15 | $2,192.78 | $2,572.27 |
| 6.50% | $1,896.20 | $2,236.72 | $2,613.32 |
| 6.75% | $1,945.79 | $2,281.09 | $2,654.73 |
| 7.00% | $1,995.91 | $2,325.90 | $2,696.48 |
| 7.25% | $2,046.53 | $2,371.13 | $2,738.59 |
| 7.50% | $2,097.64 | $2,416.78 | $2,781.04 |
| 7.75% | $2,149.24 | $2,462.85 | $2,823.83 |
| 8.00% | $2,201.29 | $2,509.32 | $2,866.96 |
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 $300k 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 $2,346, which points to a household income near $100,552 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $300k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $309,278 | $9,278 |
| 5% | $315,789 | $15,789 |
| 10% | $333,333 | $33,333 |
| 20% | $375,000 | $75,000 |