Home price from a monthly payment
The home price a monthly amount covers at a given rate, with tax and insurance inside it, and what each point of rate does to that price.
The loan payment, property tax and insurance together.
An example. Your lender sets the real rate.
As a share of the price. Under 20% usually adds mortgage insurance, which is not included.
As a share of the price. 1.6% is our example; yours depends on where the house is.
Home price this monthly amount covers
$312,995
$250,396 borrowed and $62,599 down · $1,583 to the loan and $417 to tax and insurance each month
| At a rate of | Home price | Down payment |
|---|---|---|
| 5.50% | $340,388 | $68,078 |
| 6.50% | $312,995 | $62,599 |
| 7.50% | $288,723 | $57,745 |
| 8.50% | $267,214 | $53,443 |
This is what a stated monthly amount covers at a stated rate. It is not what anyone can afford or should spend, and a lender will use your own figures and may lend more or less. The rate and the tax and insurance share are examples. Mortgage insurance, upkeep, utilities, fees and closing costs are left out, and each price needs its down payment in cash.
Questions
- Is this what I can afford?
- No. It is what a monthly amount you chose covers at a rate you chose. Whether that amount fits your income and your other costs is not something this page knows, and a lender will work from your own figures.
- Why does a higher rate lower the price by so much?
- The monthly amount is fixed, so every extra dollar of interest is a dollar that cannot go toward the loan. Over thirty years a single point of rate moves the price by a large share.
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