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 much should a mortgage payment be?

As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income. When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

How much does it cost to buy a house with a down payment?

Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details. For a $200,000 house, 30-year mortgage at a 3.5% interest rate having a $40,000 down payment you'd pay around $718.