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.

What factors affect my monthly mortgage payment on a $200K loan?

The other major factor that influences your monthly mortgage payment on a $200K loan is your interest rate. We already mentioned that the length of your loan can impact your interest rate, but other factors like your credit score, loan-to-value ratio and down payment amount also come into play. A higher interest rate means a higher monthly payment.

Can I get a $200k mortgage?

A $200K mortgage is significantly below the average home sales price, but that doesn’t mean a $200K mortgage isn’t possible. For home loans of this amount, the monthly payment amount will depend on the loan term length and the particular interest rate the borrower receives.