Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $3,220.93 | $3,959.73 | $4,744.76 |
| 5.25% | $3,313.22 | $4,043.06 | $4,823.27 |
| 5.50% | $3,406.73 | $4,127.32 | $4,902.50 |
| 5.75% | $3,501.44 | $4,212.50 | $4,982.46 |
| 6.00% | $3,597.30 | $4,298.59 | $5,063.14 |
| 6.25% | $3,694.30 | $4,385.57 | $5,144.54 |
| 6.50% | $3,792.41 | $4,473.44 | $5,226.64 |
| 6.75% | $3,891.59 | $4,562.18 | $5,309.46 |
| 7.00% | $3,991.81 | $4,651.79 | $5,392.97 |
| 7.25% | $4,093.06 | $4,742.26 | $5,477.18 |
| 7.50% | $4,195.29 | $4,833.56 | $5,562.07 |
| 7.75% | $4,298.47 | $4,925.69 | $5,647.65 |
| 8.00% | $4,402.59 | $5,018.64 | $5,733.91 |
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 $600k 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 $4,542, which points to a household income near $194,675 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $600k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $618,557 | $18,557 |
| 5% | $631,579 | $31,579 |
| 10% | $666,667 | $66,667 |
| 20% | $750,000 | $150,000 |