Monthly Payment on a $200K Mortgage
See exactly what you'd pay monthly on a $200K home, including principal, interest, taxes, and insurance.
$200K Mortgage: Rate Comparison
Monthly PITI payment at different rates and down payments for a $200K home.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,523 | $1,460 | $1,242 |
| 6.0% | $1,583 | $1,518 | $1,293 |
| 6.5% | $1,645 | $1,576 | $1,345 |
| 7.0% | $1,708 | $1,636 | $1,398 |
| 7.5% | $1,773 | $1,697 | $1,452 |
| 8.0% | $1,838 | $1,759 | $1,507 |
States Where $200K Buys You a Home
In these states, the median home price is at or below $200K — your budget goes further here.
Understanding a $200K Mortgage
A $200K home is below the national median. At 6.5% with 10% down, you'll borrow $180,000 and pay $229,580 in total interest over 30 years. Your total cost including interest: $410K.
To afford this $200K mortgage, you need a household income of approximately $68K/year. That assumes your housing costs don't exceed 28% of gross income.
With $200K, a 5% down payment is $10K, 10% is $20K, and 20% (avoiding PMI) is $40K. The PMI savings of $105/month ($13K over 10 years) may justify saving for the larger down payment.
Frequently Asked Questions: $200K Mortgage
What to Know About a $200K Mortgage
A $200K home is an affordable entry point into homeownership, well below the national median. With 10% down ($20,000), your loan amount would be $180,000, resulting in a monthly payment of approximately $1,576 including taxes and insurance.
To comfortably afford this payment, you'd generally need a household income of around $67,545 per year, following the standard guideline that housing costs should stay below 28% of gross income. At 10% down, you'll also pay private mortgage insurance (PMI) of about $105/month until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction can save tens of thousands — for example, dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.
Property taxes and insurance vary significantly by state. Use the rate comparison table above to see how different down payments and rates affect your payment, and explore the state links below to find where your $200K budget goes furthest.