Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $2,013.08 | $2,474.83 | $2,965.48 |
| 5.25% | $2,070.76 | $2,526.92 | $3,014.54 |
| 5.50% | $2,129.21 | $2,579.58 | $3,064.06 |
| 5.75% | $2,188.40 | $2,632.81 | $3,114.04 |
| 6.00% | $2,248.31 | $2,686.62 | $3,164.46 |
| 6.25% | $2,308.94 | $2,740.98 | $3,215.34 |
| 6.50% | $2,370.26 | $2,795.90 | $3,266.65 |
| 6.75% | $2,432.24 | $2,851.37 | $3,318.41 |
| 7.00% | $2,494.88 | $2,907.37 | $3,370.61 |
| 7.25% | $2,558.16 | $2,963.91 | $3,423.24 |
| 7.50% | $2,622.05 | $3,020.97 | $3,476.30 |
| 7.75% | $2,686.55 | $3,078.56 | $3,529.78 |
| 8.00% | $2,751.62 | $3,136.65 | $3,583.70 |
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 $375k 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 $2,895, which points to a household income near $124,082 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $375k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $386,598 | $11,598 |
| 5% | $394,737 | $19,737 |
| 10% | $416,667 | $41,667 |
| 20% | $468,750 | $93,750 |