How Much a $200,000 Mortgage Will Cost You (2024)

Your mortgage size depends on the home’s price and the down payment you’re making. If you buy a home priced at $255,000, for example, and put down a 20% down payment ($51,000), you’ll need a mortgage worth $204,000.

You’ll then pay off that balance monthly for the rest of your loan term — which can be 30 years for many homebuyers.

Before you start shopping around, though, you’ll want to get pre-approved. Getting pre-approved will let you know if you can afford a $200,000 mortgage and demonstrate to sellers that you’re a serious buyer.

Monthly payments for a $200,000 mortgage

Monthly mortgage payments always contain two things: principal and interest. In some cases, they might include other costs as well.

Here’s what typically makes up a mortgage payment:

Principal: Principal is money that goes directly toward whittling down your balance.
Interest: This is what you pay to borrow the money. The amount you’ll pay is reflected in your interest rate.
Escrow costs: If you opt to use an escrow account (or your lender requires it), you’ll also have your property taxes, mortgage insurance, and homeowners insurance rolled into your monthly mortgage payment.

On a $200,000, 30-year mortgage with a 6% fixed interest rate, your monthly payment would come out to $1,199 — not including taxes or insurance.

But this can vary greatly depending on your insurance policy, loan type, down payment size, and other factors. Use our mortgage calculator to determine the monthly payment on your potential home loan.

Here’s a more detailed look at what the total monthly payment (principal and interest) would look like for that same $200,000 mortgage with different interest rates:

Interest rate	Monthly payment(15 year)	Monthly payment(30 year)
6.25%	$1,715	$1,231
6.50%	$1,742	$1,264
6.75%	$1,770	$1,297
7.00%	$1,798	$1,331
7.25%	$1,826	$1,364
7.50%	$1,854	$1,398
7.75%	$1,833	$1,433
8.00%	$1,911	$1,468

Interest rate

Monthly payment(15 year)

Monthly payment(30 year)

6.25%

$1,715

$1,231

6.50%

$1,742

$1,264

6.75%

$1,770

$1,297

7.00%

$1,798

$1,331

7.25%

$1,826

$1,364

7.50%

$1,854

$1,398

7.75%

$1,833

$1,433

8.00%

$1,911

$1,468

Check Out: 20- vs. 30-Year Mortgage: Is an Unusual Option Right for You?

Where to get a $200,000 mortgage

To buy a home, you’d traditionally research mortgage lenders, choose several, and then fill out the applications for each. Those lenders would then give you a loan estimate detailing the expected costs of the loan, including closing costs, interest rate, and annual percentage rate (APR). You’d use these to compare your options and choose who to go with.

Shopping around for a mortgage can save you thousands of dollars over the life of your loan. Credible simplifies this process. You can easily compare options from our partner lenders in the table below — it’s free and only takes a few minutes.

What to consider before applying for a $200,000 mortgage

When taking out any mortgage, it’s important to analyze your upfront costs (closing costs, down payment, etc.), as well as how much you’ll be paying to borrow the money over time.

Total interest paid on a $200,000 mortgage

The longer your loan term, the more you’ll pay in interest over the life of the loan.

For example, on a 30-year $200,000 mortgage with a 6% fixed rate, you’ll end up paying $231,676 in interest over the full term.

On a 15-year mortgage with the same balance and rate, you’d pay just $103,788 — saving you $127,888 in interest charges. But keep in mind, your monthly payment would be higher with the 15-year mortgage.

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Amortization schedule on a $200,000 mortgage

A mortgage amortization schedule ensures that your home loan will be paid in full when you make your last scheduled payment.

When you first start paying off your loan, most of your payment goes toward interest. But as years pass, more of your payment is applied to the principal balance.

Here’s the mortgage amortization schedule on a 30-year, $200,000 mortgage with a 6% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid to date	Total principal paid to date	Remaining balance
1	$200,000.00	$1,199	$11,933.19	$2,456.02	$197,543.98
2	$197,543.98	$1,199	$11,781.71	$2,607.51	$194,936.47
3	$194,936.47	$1,199	$11,620.88	$2,768.33	$192,168.14
4	$192,168.14	$1,199	$11,450.14	$2,939.08	$189,229.06
5	$189,229.06	$1,199	$11,268.86	$3,230.35	$186,108.71
6	$186,108.71	$1,199	$11,076.41	$3,312.81	$182,795.91
7	$182,795.91	$1,199	$10,872.08	$3,517.13	$179,278.77
8	$179,278.77	$1,199	$10,655.15	$3,734.06	$175,544.71
9	$175,544.71	$1,199	$10,424.84	$3,964.37	$171,580.34
10	$171,580.34	$1,199	$10,180.33	$4,208.89	$167,371.45
11	$167,371.45	$1,199	$9,920.73	$4,468.48	$162,902.97
12	$162,902.97	$1,199	$9,645.13	$4,744.09	$158,158.88
13	$158,158.88	$1,199	$9,352.52	$5,036.69	$153,122.19
14	$153,122.19	$1,199	$9,041.87	$5,347.34	$147,774.85
15	$147,774.85	$1,199	$8,712.06	$5,677.16	$142,097.69
16	$142,097.69	$1,199	$8,361.90	$6,027.31	$136,070.38
17	$136,070.38	$1,199	$7,990.15	$6,399.06	$129,671.31
18	$129,671.31	$1,199	$7,595.47	$6,7,93.74	$122,877.57
19	$122,877.57	$1,199	$7,176.45	$7,212.77	$115,664.81
20	$115,664.81	$1,199	$6,731.58	$7,657.63	$108,007.17
21	$108,007.17	$1,199	$6,259.27	$8,129.94	$99,877.23
22	$99,877.23	$1,199	$5,757.84	$8,631.38	$91,245.86
23	$91,245.86	$1,199	$5,225.47	$9,163.74	$82,082.12
24	$82,082.12	$1,199	$4,660.27	$9,728.94	$72,353.17
25	$72,353.17	$1,199	$4,060.21	$10,329.00	$62,024.17
26	$62,024.17	$1,199	$3,423.14	$10,966.07	$51,058.10
27	$51,058.10	$1,199	$2,746.78	$11,642.43	$39,415.67
28	$39,415.67	$1,199	$2,028.70	$12,360.51	$27,055.16
29	$27,055.16	$1,199	$1,266.33	$13,122.88	$13,932.27
30	$13,932.27	$1,199	$456.94	$13,932.27	$0.00

Year

Beginning balance

Monthly payment

Total interest paid to date

Total principal paid to date

Remaining balance

$200,000.00

$1,199

$11,933.19

$2,456.02

$197,543.98

$1,199

$11,781.71

$2,607.51

$194,936.47

$1,199

$11,620.88

$2,768.33

$192,168.14

$1,199

$11,450.14

$2,939.08

$189,229.06

$1,199

$11,268.86

$3,230.35

$186,108.71

$1,199

$11,076.41

$3,312.81

$182,795.91

$1,199

$10,872.08

$3,517.13

$179,278.77

$1,199

$10,655.15

$3,734.06

$175,544.71

$1,199

$10,424.84

$3,964.37

$171,580.34

$1,199

$10,180.33

$4,208.89

$167,371.45

$1,199

$9,920.73

$4,468.48

$162,902.97

$1,199

$9,645.13

$4,744.09

$158,158.88

$1,199

$9,352.52

$5,036.69

$153,122.19

$1,199

$9,041.87

$5,347.34

$147,774.85

$1,199

$8,712.06

$5,677.16

$142,097.69

$1,199

$8,361.90

$6,027.31

$136,070.38

$1,199

$7,990.15

$6,399.06

$129,671.31

$1,199

$7,595.47

$6,7,93.74

$122,877.57

$1,199

$7,176.45

$7,212.77

$115,664.81

$1,199

$6,731.58

$7,657.63

$108,007.17

$1,199

$6,259.27

$8,129.94

$99,877.23

$1,199

$5,757.84

$8,631.38

$91,245.86

$1,199

$5,225.47

$9,163.74

$82,082.12

$1,199

$4,660.27

$9,728.94

$72,353.17

$1,199

$4,060.21

$10,329.00

$62,024.17

$1,199

$3,423.14

$10,966.07

$51,058.10

$1,199

$2,746.78

$11,642.43

$39,415.67

$1,199

$2,028.70

$12,360.51

$27,055.16

$1,199

$1,266.33

$13,122.88

$13,932.27

$1,199

$456.94

$13,932.27

$0.00

Here’s the mortgage amortization schedule on a 15-year, $200,000 mortgage with a 6% fixed rate:

Year	Beginning balance	Monthly payment	Total interest paid to date	Total principal paid to date	Remaining balance
1	$200,000.00	$1,688	$11,769.23	$8,483.33	$191,516.67
2	$191,516.67	$1,688	$11,246.00	$9,006.57	$182,510.10
3	$182,510.10	$1,688	$10,690.49	$9,562.07	$172.948.02
4	$172,948.02	$1,688	$10,100.72	$10,151.84	$162,796.18
5	$162,796.18	$1,688	$9,474.58	$10,777.98	$152,018.20
6	$152,018.20	$1,688	$8,809.82	$11,442.75	$140,575.45
7	$140,575.45	$1,688	$8,104.05	$12,148.51	$128,426.94
8	$128,426.94	$1,688	$7,354.76	$12,897.80	$115,529.13
9	$115,529.13	$1,688	$6,559.25	$13,693.31	$101,835.82
10	$101,835.82	$1,688	$5,714.68	$14,537.89	$87,297.94
11	$87,297.94	$1,688	$4,818.01	$15,434.55	$71,863.38
12	$71,863.38	$1,688	$3,866.04	$16,386.52	$55,476.86
13	$55,476.86	$1,688	$2,855.36	$17,397.21	$38,079.66
14	$38,079.66	$1,688	$1,782.34	$18,470.23	$19,609.43
15	$19,609.43	$1,688	$643.13	$19,609.43	$0.00

Year

Beginning balance

Monthly payment

Total interest paid to date

Total principal paid to date

Remaining balance

$200,000.00

$1,688

$11,769.23

$8,483.33

$191,516.67

$1,688

$11,246.00

$9,006.57

$182,510.10

$1,688

$10,690.49

$9,562.07

$172.948.02

$172,948.02

$1,688

$10,100.72

$10,151.84

$162,796.18

$1,688

$9,474.58

$10,777.98

$152,018.20

$1,688

$8,809.82

$11,442.75

$140,575.45

$1,688

$8,104.05

$12,148.51

$128,426.94

$1,688

$7,354.76

$12,897.80

$115,529.13

$1,688

$6,559.25

$13,693.31

$101,835.82

$1,688

$5,714.68

$14,537.89

$87,297.94

$1,688

$4,818.01

$15,434.55

$71,863.38

$1,688

$3,866.04

$16,386.52

$55,476.86

$1,688

$2,855.36

$17,397.21

$38,079.66

$1,688

$1,782.34

$18,470.23

$19,609.43

$1,688

$643.13

$19,609.43

$0.00

Find Out: 15- vs. 30-Year Mortgage: Which One’s Right for You?

How to get a $200,000 mortgage

Getting a mortgage isn’t as hard as you think. As long as you prepare and break the process down into small, manageable steps, it’s really quite simple. And we’re here to help you break those steps down.

If you’re ready to get started, you can use Credible to compare lender options today.

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Here are the steps to follow to get a mortgage:

Estimate your home budget: Sit down and look at your monthly debts, expenses, and take-home pay. Then, determine what you can afford each month and consider how much of a down payment you can afford.
Check your credit: Pull your credit report, and see where you stand. You’ll get the best interest rates with a good or excellent credit score. But if it’s not quite there, you still have options. If you have a lower score, lots of debt, or late payments, you might want to spend time improving your credit before applying for a loan.
Get pre-approved: Next, you’ll need to request pre-approval with one or more lenders. You can do this by contacting each lender separately.
Compare mortgage rates: Next, determine which loan is the best one for you. You should compare the origination fees, interest rate, and mortgage APR — which reflects the loan’s interest costs as well as its fees. You can also talk to lenders about paying mortgage points, which could lower your interest rate (for a fee).
Negotiate your home purchase: Use your pre-approval letter to make an offer on a house and negotiate the purchase details. Make sure you lean on your real estate agent here, as they can help guide you throughout the process.
Complete your mortgage application: After the seller has accepted your offer, you’ll need to fill out your lender’s full application. This requires more detailed information than your pre-approval did. If you like the terms on the lender’s loan estimate and decide to move forward with the loan, you’ll need to provide documents like tax returns, W-2s, and bank statements.
Wait for full approval: Your loan will move into what’s called underwriting, which means your application is evaluated, your income is verified, and all the numbers are crunched. The lender will also have the home appraised to ensure it’s worth the money you’re looking to borrow for it.
Prep for closing: Once you get your closing date, you’ll need to make sure you have homeowners insurance in place because your lender will likely require it. You should also take some time to review your closing disclosures to make sure you understand the final costs and terms of your loan.
Close on your loan: Finally, you’ll attend your closing appointment, sign your paperwork, and pay your closing costs. And once all is said and done, you’ll get your keys.

Remember that you’re not alone in the home-buying process. Your real estate agent can guide you in your home search and negotiations, and a loan officer can help with mortgage-related tasks.

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FAQs

How Much a $200,000 Mortgage Will Cost You? ›

How much does a $200K mortgage cost each month? With a fixed rate of 7%, a 30-year $200,000 mortgage will cost about $1,330 per month before additional fees, and a 15-year $200,000 mortgage at the same rate will cost closer to $1,800.

Get More Info Here ›

How much would a 200k mortgage cost? ›

On a $200,000, 30-year mortgage with a 6% fixed interest rate, your monthly payment would come out to $1,199 — not including taxes or insurance. But this can vary greatly depending on your insurance policy, loan type, down payment size, and other factors.

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How much do you need to make to afford a $200000 mortgage? ›

With a 5% down payment and an interest rate of 7.158% (the average according to Mortgage Research Center's rate tracker at the time of writing), you will want to earn at least $4,544 per month – $54,528 per year – to buy a $200,000 house. This is based on an estimated monthly mortgage payment of $1,636.

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How to pay off a 200k mortgage in 5 years? ›

Let's say you currently owe $200,000 on your mortgage and you want to pay it off in 5 years or 60 months. In this case, you'll need to increase your payments to about $3,400 per month.

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How much will 200 extra mortgage payments save me? ›

If you pay $200 extra a month towards principal, you can cut your loan term by more than 8 years and reduce the interest paid by more than $44,000. Another way to pay down your mortgage in less time is to make half-monthly payments every 2 weeks, instead of 1 full monthly payment.

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Is 200k enough to buy a house? ›

With a chronic housing shortage and some of the wealthiest residents in the U.S., California contains many of the most expensive markets to buy a typical home, with seven requiring earnings of $200,000 or more. New York City wasn't far behind on the list, ranking 11th overall.

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How much is a $100000 mortgage payment for 30 years? ›

Monthly payments on a $100,000 mortgage by interest rate

At a 7.00% fixed interest rate, a 30-year $100,000 mortgage may cost you around $665 per month, while a 15-year mortgage has a monthly payment of around $899.

Is 200K household income middle class? ›

In 2020, according to Pew Research Center analysis, the median for upper income households was around $220,000 and the median for middle income households was slightly above $90,000.

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Can I afford a 200K house on 50K a year? ›

Assuming you have enough in savings to cover the down payment, closing costs and cost of regular upkeep, yes, you probably could afford a $200K home on a $50K annual salary. Using our example above, the monthly mortgage payment on a $200K home, including taxes and insurance, would be about $1,300.

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How much is a down payment on a 200K house? ›

How much is a down payment on a 200K house? A 20% down payment on a 200K house is $40,000. A 5% down payment is $10,000, and a 3.5% is $7,000. Talk with various lenders to see what you might qualify for.

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What happens if I pay an extra $500 a month on my mortgage? ›

Making extra payments of $500/month could save you $60,798 in interest over the life of the loan. You could own your house 13 years sooner than under your current payment. These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only.

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How to take 10 years off a 30-year mortgage? ›

Tips to pay off mortgage early

Refinance your mortgage. ...
Make extra mortgage payments. ...
Make one extra mortgage payment each year. ...
Round up your mortgage payments. ...
Try the dollar-a-month plan. ...
Use unexpected income.

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What is the monthly repayment on a 200k mortgage? ›

Comparing different mortgage amounts

Mortgage Amount	Monthly Repayments	Overall Repayments
£200k	£1,169	£350,754
£210k	£1,228	£368,292
£220k	£1,286	£385,829
£230k	£1,345	£403,367

2 more rows

Dec 21, 2023

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What happens if I pay $1000 extra a month on my mortgage? ›

Throwing in an extra $500 or $1,000 every month won't necessarily help you pay off your mortgage more quickly. Unless you specify that the additional money you're paying is meant to be applied to your principal balance, the lender may use it to pay down interest for the next scheduled payment.

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What happens if I pay 3 extra mortgage payments a year? ›

Making additional principal payments will shorten the length of your mortgage term and allow you to build equity faster. Because your balance is being paid down faster, you'll have fewer total payments to make, in-turn leading to more savings.

What happens if I pay an extra $2000 a month on my mortgage? ›

The additional amount will reduce the principal on your mortgage, as well as the total amount of interest you will pay, and the number of payments.

How much is a downpayment on a 200k house? ›

Conventional mortgages, like the traditional 30-year fixed rate mortgage, usually require at least a 5% down payment. If you're buying a home for $200,000, in this case, you'll need $10,000 to secure a home loan.

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How much is a 250k mortgage per month? ›

On a $250,000 fixed-rate mortgage with an annual percentage rate (APR) of 6%, you'd pay $1,498.88 per month for a 30-year term or $2,109.64 for a 15-year one. It's important to note that these estimates only include principal and interest.

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How much house can I afford on $60 000 a year? ›

The 28/36 rule holds that if you earn $60k and don't pay too much to cover your debt each month, you can afford housing expenses of $1,400 a month. Another rule of thumb suggests you could afford a home worth $180,000, or three times your salary.

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What is the monthly payment on a $200,000 home equity loan? ›

The average national interest rate for a 15-year home equity loan is just slightly higher than for the 10-year option at 9.09%. Taking out a $200,000 loan with these terms would result in monthly payments of $2,039.25.

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