Monthly Payment on a $200K Mortgage in Montana
Using Montana's 0.74% property tax rate and $2,100/yr homeowners insurance.
$200K Mortgage in Montana: Rate Comparison
Monthly PITI payment using Montana's 0.74% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,488 | $1,425 | $1,207 |
| 6.0% | $1,548 | $1,483 | $1,258 |
| 6.5% | $1,610 | $1,541 | $1,310 |
| 7.0% | $1,673 | $1,601 | $1,363 |
| 7.5% | $1,738 | $1,662 | $1,417 |
| 8.0% | $1,803 | $1,724 | $1,472 |
How This Compares to Montana's Median
A $200K home is 53% below Montana's median of $430K. You'll find homes at this price in cities like Havre, Miles City.
Income Needed for a $200K Home in Montana
To afford this payment of $1,541/mo in Montana, you'd need a household income of approximately $66K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K salary can afford →Closing Costs in Montana
Estimated closing costs in Montana: $3K (1.5% of purchase price). Montana has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $200K Mortgage in Montana
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 Montana's 0.74% property tax ($123/mo) and $2,100/yr insurance ($175/mo) brings your total to $1,541/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.