Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $2,281.49 | $2,804.81 | $3,360.87 |
| 5.25% | $2,346.87 | $2,863.84 | $3,416.48 |
| 5.50% | $2,413.10 | $2,923.52 | $3,472.60 |
| 5.75% | $2,480.18 | $2,983.85 | $3,529.24 |
| 6.00% | $2,548.09 | $3,044.83 | $3,586.39 |
| 6.25% | $2,616.80 | $3,106.44 | $3,644.05 |
| 6.50% | $2,686.29 | $3,168.69 | $3,702.21 |
| 6.75% | $2,756.54 | $3,231.55 | $3,760.87 |
| 7.00% | $2,827.54 | $3,295.02 | $3,820.02 |
| 7.25% | $2,899.25 | $3,359.10 | $3,879.67 |
| 7.50% | $2,971.66 | $3,423.77 | $3,939.80 |
| 7.75% | $3,044.75 | $3,489.03 | $4,000.42 |
| 8.00% | $3,118.50 | $3,554.87 | $4,061.52 |
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 $425k 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 $3,261, which points to a household income near $139,770 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $425k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $438,144 | $13,144 |
| 5% | $447,368 | $22,368 |
| 10% | $472,222 | $47,222 |
| 20% | $531,250 | $106,250 |