Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $4,294.57 | $5,279.65 | $6,326.35 |
| 5.25% | $4,417.63 | $5,390.75 | $6,431.02 |
| 5.50% | $4,542.31 | $5,503.10 | $6,536.67 |
| 5.75% | $4,668.58 | $5,616.67 | $6,643.28 |
| 6.00% | $4,796.40 | $5,731.45 | $6,750.85 |
| 6.25% | $4,925.74 | $5,847.43 | $6,859.38 |
| 6.50% | $5,056.54 | $5,964.59 | $6,968.86 |
| 6.75% | $5,188.78 | $6,082.91 | $7,079.28 |
| 7.00% | $5,322.42 | $6,202.39 | $7,190.63 |
| 7.25% | $5,457.41 | $6,323.01 | $7,302.90 |
| 7.50% | $5,593.72 | $6,444.75 | $7,416.10 |
| 7.75% | $5,731.30 | $6,567.59 | $7,530.21 |
| 8.00% | $5,870.12 | $6,691.52 | $7,645.22 |
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 $800k 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 $6,007, which points to a household income near $257,423 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $800k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $824,742 | $24,742 |
| 5% | $842,105 | $42,105 |
| 10% | $888,889 | $88,889 |
| 20% | $1,000,000 | $200,000 |