Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $3,623.55 | $4,454.70 | $5,337.86 |
| 5.25% | $3,727.37 | $4,548.45 | $5,426.17 |
| 5.50% | $3,832.58 | $4,643.24 | $5,515.31 |
| 5.75% | $3,939.12 | $4,739.06 | $5,605.27 |
| 6.00% | $4,046.97 | $4,835.91 | $5,696.03 |
| 6.25% | $4,156.09 | $4,933.77 | $5,787.60 |
| 6.50% | $4,266.46 | $5,032.62 | $5,879.97 |
| 6.75% | $4,378.04 | $5,132.46 | $5,973.14 |
| 7.00% | $4,490.79 | $5,233.27 | $6,067.09 |
| 7.25% | $4,604.69 | $5,335.04 | $6,161.82 |
| 7.50% | $4,719.70 | $5,437.75 | $6,257.33 |
| 7.75% | $4,835.78 | $5,541.40 | $6,353.61 |
| 8.00% | $4,952.91 | $5,645.97 | $6,450.65 |
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 $675k 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 $5,091, which points to a household income near $218,205 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $675k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $695,876 | $20,876 |
| 5% | $710,526 | $35,526 |
| 10% | $750,000 | $75,000 |
| 20% | $843,750 | $168,750 |