Mortgage Payment on a $200,000 Home

A $200,000 home is within reach for many first-time buyers. This walkthrough calculates the full monthly payment so you can budget accurately. Use the Mortgage Payment Calculator for your own inputs.

Scenario Setup

• Home price: $200,000
• Down payment: $20,000 (10%)
• Loan amount: $180,000
• Annual interest rate: 7%
• Term: 30 years
• Property tax: $2,400/year
• Home insurance: $900/year

Calculation

At 7% over 30 years, principal and interest on $180,000 is $1,197.54 per month. Adding $200 for tax and $75 for insurance gives a full payment of about $1,473 per month.

Comparison: 20% Down

With $40,000 down, the loan drops to $160,000. Monthly P&I falls to about $1,065. The larger down payment reduces both the payment and total interest. See what is a mortgage down payment for how down payment affects your cost.

Practical Takeaway

Use the Mortgage Payment Calculator to try different down payments and rates. Keep the full payment (including tax and insurance) within your budget.