$240,000 House Monthly Payment
A $240,000 home with 20% down ($48,000) at 6.85% has an all-in monthly payment of about $1,548.10 — roughly $1,258.10 principal and interest plus property tax and homeowners insurance. No PMI is required at 20% down.
Payment breakdown
- Principal & interest$1,258.10
- Property tax$220.00
- Home insurance$70.00
Balance over time
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $2,007 | $13,090 | $189,993 |
| 2 | $2,149 | $12,948 | $187,843 |
| 3 | $2,301 | $12,796 | $185,542 |
| 4 | $2,464 | $12,633 | $183,078 |
| 5 | $2,638 | $12,459 | $180,440 |
| 6 | $2,825 | $12,273 | $177,615 |
| 7 | $3,024 | $12,073 | $174,591 |
| 8 | $3,238 | $11,859 | $171,353 |
| 9 | $3,467 | $11,630 | $167,886 |
| 10 | $3,712 | $11,385 | $164,173 |
| 11 | $3,975 | $11,123 | $160,199 |
| 12 | $4,256 | $10,842 | $155,943 |
| 13 | $4,556 | $10,541 | $151,387 |
| 14 | $4,878 | $10,219 | $146,508 |
| 15 | $5,223 | $9,874 | $141,285 |
| 16 | $5,593 | $9,505 | $135,692 |
| 17 | $5,988 | $9,109 | $129,704 |
| 18 | $6,411 | $8,686 | $123,293 |
| 19 | $6,864 | $8,233 | $116,429 |
| 20 | $7,350 | $7,747 | $109,079 |
| 21 | $7,869 | $7,228 | $101,210 |
| 22 | $8,426 | $6,672 | $92,784 |
| 23 | $9,021 | $6,076 | $83,763 |
| 24 | $9,659 | $5,438 | $74,104 |
| 25 | $10,342 | $4,755 | $63,762 |
| 26 | $11,073 | $4,024 | $52,689 |
| 27 | $11,856 | $3,242 | $40,834 |
| 28 | $12,694 | $2,404 | $28,140 |
| 29 | $13,591 | $1,506 | $14,549 |
| 30 | $14,549 | $545 | $0 |
Frequently asked questions
What's the monthly payment on a $240,000 house?
With 20% down at 6.85%, expect about $1,548.10 per month including principal, interest, estimated property tax, and insurance.
How much do I need to put down on a $240,000 home?
A 20% down payment is $48,000, which avoids PMI. You can buy with as little as 3–5% down, but you'll add monthly PMI and a larger loan balance.
What income do I need to afford a $240,000 house?
As a rough guide, lenders like your housing payment near 28% of gross income — so about $66,347 per year, depending on your other debts and down payment.
Sources: Freddie Mac Primary Mortgage Market Survey; Tax Foundation — Property Taxes by State; Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.