Here are the monthly payments for a $451,000 home loan based on a down payment and current mortgage rate averages from Freddie Mac as of 4/18/2024. To make a specific calculation, visit the amortization calculator.
| Down Payment (% - Amount) |
15 Year Mortgage (6.39% Fixed Rate) |
30 Year Mortgage (7.10% Fixed Rate) |
|---|---|---|
| 0% - $0 | $3,901 | $3,031 |
| 3% - $13,530 | $3,784 | $2,940 |
| 5% - $22,550 | $3,706 | $2,879 |
| 7% - $31,570 | $3,628 | $2,819 |
| 10% - $45,100 | $3,511 | $2,728 |
| 15% - $67,650 | $3,316 | $2,576 |
| 20% - $90,200 | $3,121 | $2,425 |
| 25% - $112,750 | $2,926 | $2,273 |
| 30% - $135,300 | $2,731 | $2,122 |
Use our amortization calculator to create a printable payment schedule for any of these options. Just subtract your down payment from the home price and enter that number as the loan's principal.
Here are the total cost (principal and interest) of each mortgage option not including the down payment.
| Down Payment (% - Amount) |
15 Year Mortgage (6.39% Fixed Rate) |
30 Year Mortgage (7.10% Fixed Rate) |
|---|---|---|
| 0% - $0 | $702,265 | $1,091,111 |
| 3% - $13,530 | $681,197 | $1,058,378 |
| 5% - $22,550 | $667,152 | $1,036,556 |
| 7% - $31,570 | $653,107 | $1,014,733 |
| 10% - $45,100 | $632,039 | $982,000 |
| 15% - $67,650 | $596,925 | $927,444 |
| 20% - $90,200 | $561,812 | $872,889 |
| 25% - $112,750 | $526,699 | $818,333 |
| 30% - $135,300 | $491,586 | $763,778 |
Financial advisors recommend that your mortgage payment should be no more than 28% of your monthly household income. Considering that fact, here are the minimum required monthly incomes you need to afford this house based on your down payment.
| Down Payment (% - Amount) |
15 Year Mortgage Household Income |
30 Year Mortgage Household Income |
|---|---|---|
| 0% - $0 | $13,934 | $10,825 |
| 3% - $13,530 | $13,516 | $10,500 |
| 5% - $22,550 | $13,237 | $10,283 |
| 7% - $31,570 | $12,958 | $10,067 |
| 10% - $45,100 | $12,540 | $9,742 |
| 15% - $67,650 | $11,844 | $9,201 |
| 20% - $90,200 | $11,147 | $8,660 |
| 25% - $112,750 | $10,450 | $8,118 |
| 30% - $135,300 | $9,754 | $7,577 |
There are many additional fees that are associated with purchasing a home. Be sure to budget for these types of costs when making your purchase decision.
| Fee | Cost Description |
|---|---|
| Private Mortgage Insurance (PMI) | A down payment of less than 20% often requires PMI which will increase your monthly payment. For a $451,000 home, a 20% down payment would be $90,200. |
| Home Purchasing Fees | The buyer of a home will usually be required to pay for an inspection, closing costs and other fees during the closing process. |
| Taxes and Insurance | Purchasing a more expensive home than before will usually result in paying more in taxes and insurance. |
| Homeowners' Association Fees | Buying a home in a condominium or planned development may require paying a monthly or yearly fee. |
| Home Repairs and Improvements | A house will often require repairs that were identified during the inspection process. This can range from very minor upgrades to significant repairs costing thousands of dollars. Make sure to also consider the replacement costs of older appliances in the house as they may need to be replaced at anytime. |
This information is provided "as-is" and should only be used for general informational purposes. All costs were rounded to the nearest dollar to make the page more legible. Although the cost calculations are believed to be reliable, its accuracy is not warranted in any way.