Payment by interest rate
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $5,234.01 | $6,434.57 | $7,710.24 |
| 5.25% | $5,383.99 | $6,569.98 | $7,837.81 |
| 5.50% | $5,535.94 | $6,706.90 | $7,966.56 |
| 5.75% | $5,689.84 | $6,845.31 | $8,096.50 |
| 6.00% | $5,845.62 | $6,985.20 | $8,227.60 |
| 6.25% | $6,003.24 | $7,126.55 | $8,359.87 |
| 6.50% | $6,162.66 | $7,269.34 | $8,493.30 |
| 6.75% | $6,323.83 | $7,413.55 | $8,627.87 |
| 7.00% | $6,486.70 | $7,559.16 | $8,763.58 |
| 7.25% | $6,651.22 | $7,706.17 | $8,900.41 |
| 7.50% | $6,817.34 | $7,854.53 | $9,038.37 |
| 7.75% | $6,985.02 | $8,004.25 | $9,177.44 |
| 8.00% | $7,154.20 | $8,155.29 | $9,317.61 |
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 $975k 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 $7,288, which points to a household income near $312,328 a year. Your other debts also count: lenders typically cap total debt payments at 36% to 43% of income.
Home price for a $975k loan
| Down % | Home price | Down payment |
|---|---|---|
| 3% | $1,005,155 | $30,155 |
| 5% | $1,026,316 | $51,316 |
| 10% | $1,083,333 | $108,333 |
| 20% | $1,218,750 | $243,750 |