Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $1,878.88 | $2,309.85 | $2,767.78 |
| 5.25% | $1,932.71 | $2,358.45 | $2,813.57 |
| 5.50% | $1,987.26 | $2,407.61 | $2,859.79 |
| 5.75% | $2,042.50 | $2,457.29 | $2,906.44 |
| 6.00% | $2,098.43 | $2,507.51 | $2,953.50 |
| 6.25% | $2,155.01 | $2,558.25 | $3,000.98 |
| 6.50% | $2,212.24 | $2,609.51 | $3,048.88 |
| 6.75% | $2,270.09 | $2,661.27 | $3,097.18 |
| 7.00% | $2,328.56 | $2,713.55 | $3,145.90 |
| 7.25% | $2,387.62 | $2,766.32 | $3,195.02 |
| 7.50% | $2,447.25 | $2,819.58 | $3,244.54 |
| 7.75% | $2,507.44 | $2,873.32 | $3,294.47 |
| 8.00% | $2,568.18 | $2,927.54 | $3,344.78 |
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 $350k 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 $2,712, which points to a household income near $116,239 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $350k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $360,825 | $10,825 |
| 5% | $368,421 | $18,421 |
| 10% | $388,889 | $38,889 |
| 20% | $437,500 | $87,500 |