Monthly Payment on a $200K Mortgage in Connecticut
Using Connecticut's 2.15% property tax rate and $2,100/yr homeowners insurance.
$200K Mortgage in Connecticut: Rate Comparison
Monthly PITI payment using Connecticut's 2.15% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,723 | $1,660 | $1,442 |
| 6.0% | $1,783 | $1,718 | $1,493 |
| 6.5% | $1,845 | $1,776 | $1,545 |
| 7.0% | $1,908 | $1,836 | $1,598 |
| 7.5% | $1,973 | $1,897 | $1,652 |
| 8.0% | $2,038 | $1,959 | $1,707 |
How This Compares to Connecticut's Median
A $200K home is 51% below Connecticut's median of $405K. This is well within reach in many Connecticut communities.
Income Needed for a $200K Home in Connecticut
To afford this payment of $1,776/mo in Connecticut, you'd need a household income of approximately $76K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $75K salary can afford →Closing Costs in Connecticut
Estimated closing costs in Connecticut: $4K (2.1% of purchase price). Connecticut also charges a 1.25% transfer tax, which may add $2,500 to your transaction costs.
What to Know About a $200K Mortgage in Connecticut
Note that Connecticut's 2.15% property tax rate adds $358/mo to your payment — significantly more than the national average of roughly 1.1%. On a $200K home, that's $4,300/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Connecticut's 2.15% property tax ($358/mo) and $2,100/yr insurance ($175/mo) brings your total to $1,776/mo. Because you're putting less than 20% down, PMI adds $105/mo 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 makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.