$80,000 House at 4.00%
What’s the monthly mortgage payment on a $80k house? Loan price for a $80,000 house with a 4.00% interest rate.
$
$
%
%
5 Years
10 Years
15 Years
20 Years
25 Years
30 Years
40 Years
Interest only
Monthly payment = $306
Total yearly payments = $3,667
Payments by Interest Rate
| Interest Rate | Payment |
|---|---|
| 3.500% | $287 |
| 3.625% | $292 |
| 3.750% | $296 |
| 3.875% | $301 |
| 4.000% | $306 |
| 4.125% | $310 |
| 4.250% | $315 |
| 4.375% | $320 |
| 4.500% | $324 |
Payments by Amount Down
| % Down | Amount | Payment |
|---|---|---|
| 3.5% | $2,800 | $369 |
| 5.0% | $4,000 | $363 |
| 7.5% | $6,000 | $353 |
| 10% | $8,000 | $344 |
| 15% | $12,000 | $325 |
| 20% | $16,000 | $306 |
| 25% | $20,000 | $286 |
| 30% | $24,000 | $267 |
| 50% | $40,000 | $191 |
Payments by Loan Length
| Length | Payment |
|---|---|
| 10 years | $648 |
| 15 years | $473 |
| 20 years | $388 |
| 30 years | $306 |
| 40 years | $267 |
| Interest only | $213 |
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 $80,000 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 $80,000 with a 4.00% loan:
| % Down | Down Payment | Income Required |
|---|---|---|
| 3.5% | $2,800 | $21,510 |
| 5.0% | $4,000 | $21,264 |
| 7.5% | $6,000 | $20,855 |
| 10% | $8,000 | $20,446 |
| 15% | $12,000 | $19,628 |
| 20% | $16,000 | $18,809 |
| 25% | $20,000 | $17,991 |
| 30% | $24,000 | $17,172 |
| 50% | $40,000 | $13,899 |
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 |
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