How much is a mortgage if you have a 20% down payment?

Assuming you have a 20% down payment ($40,000), your total mortgage on a $200,000 home would be $160,000 . For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $718 monthly payment. Please keep in mind that the exact cost and monthly payment for your mortgage will vary, depending its length and terms.

How do I get a mortgage for a $200,000 home?

Apply online for free and lock in your rate for 90 days. If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $200,000 mortgage. Fill out the form and click on “Calculate” to see your estimated monthly payment.

How much does a 30 year fixed $200k mortgage cost?

At a 7% interest rate, a 30-year fixed $200K mortgage has a monthly payment amount of $1,331, while a 15-year fixed $200K mortgage at the same interest rate has a monthly payment amount of $1,798. It’s important to note that your loan term can also influence your mortgage rate, which we’ll cover in more detail in the next section.