$105,000 House at 4.00%

What’s the monthly mortgage payment on a $105k house? Loan price for a $105,000 house with a 4.00% interest rate.

Purchase Price

Down Payment

Percent Down

Interest Rate

Loan Term

5 Years
10 Years
15 Years
20 Years
25 Years
30 Years
40 Years
Interest only

Monthly payment = $401
Total yearly payments = $4,812

Payments by Interest Rate

Interest Rate	Payment
3.500%	$377
3.625%	$383
3.750%	$389
3.875%	$395
4.000%	$401
4.125%	$407
4.250%	$413
4.375%	$419
4.500%	$426

Payments by Amount Down

% Down	Amount	Payment
3.5%	$3,675	$484
5.0%	$5,250	$476
7.5%	$7,875	$464
10%	$10,500	$451
15%	$15,750	$426
20%	$21,000	$401
25%	$26,250	$376
30%	$31,500	$351
50%	$52,500	$251

Payments by Loan Length

Length	Payment
10 years	$850
15 years	$621
20 years	$509
30 years	$401
40 years	$351
Interest only	$280

Mortgage Tips

Credit score matters. Get a free copy of your credit report to make sure there are no errors which might negatively affect your credit score.
Shop around. Make sure to get multiple mortgage quotes. Over 30 years, a difference of 0.25% in APR might end up being over $10,000 in extra payments!
Bigger down payments are better. You can often qualify for a mortgage with as little as 3.5% down. But, unless your down payment is at least 20%, you will likely have to pay Private Mortgage Insurance (PMI). This can add significant cost to the price of the mortgage.

Can I afford a $105,000 house?

Traditionally, the “28% rule” means a person should not spend more than 28% of their pre-tax income on total housing costs.

Let’s assume that taxes and insurance are 2% of the house price annually. Here’s how much you’d have to make to afford a house that costs $105,000 with a 4.00% loan:

% Down	Down Payment	Income Required
3.5%	$3,675	$28,232
5.0%	$5,250	$27,910
7.5%	$7,875	$27,372
10%	$10,500	$26,835
15%	$15,750	$25,761
20%	$21,000	$24,687
25%	$26,250	$23,613
30%	$31,500	$22,539
50%	$52,500	$18,242

Average House Prices by State
What is the average price for a house or condo in each state of the U.S.?
Source: Zillow, March 2020

State	Rank	Price
Alabama	46	$143,100
Alaska	13	$300,100
Arizona	18	$277,600
Arkansas	48	$130,900
California	2	$578,300
Colorado	5	$408,800
Connecticut	21	$259,900
Delaware	22	$257,500
Florida	24	$252,300
Georgia	31	$206,800
Hawaii	1	$642,500
Idaho	15	$298,300
Illinois	32	$204,800
Indiana	41	$158,700
Iowa	42	$154,700
Kansas	43	$153,900
Kentucky	45	$150,000

State	Rank	Price
Louisiana	39	$170,400
Maine	25	$249,600
Maryland	10	$313,000
Massachusetts	3	$433,900
Michigan	38	$177,000
Minnesota	19	$263,700
Mississippi	49	$127,500
Missouri	40	$165,700
Montana	17	$288,900
Nebraska	37	$178,900
Nevada	11	$309,700
New Hampshire	14	$299,300
New Jersey	8	$342,500
New Mexico	28	$210,100
New York	9	$328,700
North Carolina	30	$208,000
North Dakota	26	$237,500

State	Rank	Price
Ohio	44	$153,600
Oklahoma	47	$132,500
Oregon	6	$372,900
Pennsylvania	34	$198,400
Rhode Island	12	$308,700
South Carolina	36	$190,600
South Dakota	29	$209,700
Tennessee	35	$192,600
Texas	27	$211,200
Utah	7	$355,500
Vermont	20	$261,300
Virginia	16	$291,000
Washington	4	$428,900
West Virginia	50	$107,100
Wisconsin	33	$202,700
Wyoming	23	$256,100