Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $5,099.81 | $6,269.58 | $7,512.54 |
| 5.25% | $5,245.94 | $6,401.52 | $7,636.84 |
| 5.50% | $5,394.00 | $6,534.93 | $7,762.29 |
| 5.75% | $5,543.94 | $6,669.79 | $7,888.90 |
| 6.00% | $5,695.73 | $6,806.10 | $8,016.64 |
| 6.25% | $5,849.31 | $6,943.82 | $8,145.52 |
| 6.50% | $6,004.65 | $7,082.94 | $8,275.52 |
| 6.75% | $6,161.68 | $7,223.46 | $8,406.64 |
| 7.00% | $6,320.37 | $7,365.34 | $8,538.87 |
| 7.25% | $6,480.67 | $7,508.57 | $8,672.20 |
| 7.50% | $6,642.54 | $7,653.14 | $8,806.62 |
| 7.75% | $6,805.92 | $7,799.01 | $8,942.12 |
| 8.00% | $6,970.76 | $7,946.18 | $9,078.69 |
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 $950k 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 $7,105, which points to a household income near $304,485 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $950k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $979,381 | $29,381 |
| 5% | $1,000,000 | $50,000 |
| 10% | $1,055,556 | $105,556 |
| 20% | $1,187,500 | $237,500 |